Latest News  

Logicom to acquire Romanian IT distributor Gemini

Logicom Information Technology, a subsidiary of Logicom Public Limited signed a pre-sale purchase agreement for the acquisition of Romanian IT distribution company Gemini.

2017-08-09 20:12:19

GSP, in operation since 1992, is a distributor of Hewlett Packard Inc, Hewlett Packard Enterprises, and DELL EMC. Sales from its three major vendors amounted to RON 70 million (15.2 million Euro) in 2016 and RON 68 million (14.8 million Euro) in 2015. The PSPA specifies that once the purchase is completed, all distribution agreements, company employees, and products that have been in stock for less than six months will be transferred to the ownership of LIT.

The transaction does not involve the acquisition of shares. The acquisition will be completed once Gemini SP receives the required approval for the transaction by the company's financiers and the Romanian Competition Council, and when the company's vendors all sign cooperation agreements with LIT.

On the date of completion, LIT will pay GSP the amount of € 500,000 as well as the value of inventory items that have been in stock for less than six months. This is estimated to amount to approximately € 3,000,000. A further € 100,000 will be paid by LIT to GSP at the end of 5 years after the date of purchase, subject to any claims that may arise on the basis of GSP's obligations and representations, and their related warranties.

Taking into account the deferral in the payment of 100,000 Euro, an amount of approximately 500,000 Eurowill be entered in LIT's balance sheet as goodwill.

The decision for the acquisition was taken following an evaluation by the Group's competent internal department. No advice from external experts has been requested.

The acquisition does not affect the interests of the issuer's Secretary or the "designated person" within the meaning attributed to this term in Article 137(3) of Law 14(I)/1993 as amended.
The transaction is carried out on an arm's length basis.

With this acquisition, LIT will greatly strengthen its offering with products from the aforesaid vendors and thus expand its customer base. This is also expected to have a positive impact on LIT's sales and profitability, and is set to double the company's total sales for 2017, which amounted to RON 81.5 million (€ 17.9 million) in 2016. Due to LIT's proportionately small turnover no significant variation in Logicom's consolidated results is expected.


0 COMMENTS ^ Go back to Top
WRITE A COMMENT ^ Go back to Top
 
Your email address will not be published.
Nickname
Email
Comment
Validation Code
   
 
 
NEWS
Smartree: Over 75 per cent of large companies offer benefits to their own employees

According to Smartree, one of the leaders in Romania in the HR outsourcing market, the benefits provided by Romanian employers have become increasingly varied and creative as a method of retention and loyalty o

 Read Full article »
Colliers: Romania's regional cities will be major drivers of growth

According to the latest report of real estate consultancy company Colliers, offices development gets shape around new poles and regions.

 Read Full article »
Bittnet records 60 per cent organic growth in revenues in 2017

Bittnet(BNET) records the best year in the company's history for the third consecutive time since the listing on the AeRo market of the BSE, the company states.

 Read Full article »
Atos signs key contract with the European Space Agency to enable new services with satellite data

Atos, global leader in digital transformation, has been selected by ESA, the European Space Agency, to deliver and operate Copernicus Data and Information Access Services (DIAS).

 Read Full article »
Oracle Cloud growth driving aggressive global expansion

Significantly expands its current regional cloud infrastructure footprint to deliver Oracle Cloud services to an increasing number of customers and partners, a press release of the company informs.

 Read Full article »
Accenture Technology Vision 2018: Rapidly advancing needs fundamental shift in leadership

Rapid advances in artificial intelligence (AI) and other technologies are accelerating the creation of intelligent enterprises and enabling companies to integrate themselves into people's lives, according to Ac

 Read Full article »
Tremend consolidates US presence by acquiring 648 Group

Tremend, the software engineering partner for leading organizations in 15 countries, finalizes the acquisition of the US-established web and mobile company, 648 Group.

 Read Full article »
ABSL: Innovation and transformation in Cluj Napoca's business services' Conference

The Association of Business Service Leaders in Romania (ABSL), the most important organization representing the business services industry, organizes on February 27, 2018, at the Opera Plaza Hotel in Cluj-Napoc

 Read Full article »
Smartree Workforce Index states an increase of 12 per cent employees working in private companies in 2017 vs 2016

According to Smartree Workforce Index, an analysis conducted by Smartree Romania, a leading provider of outsourcing payroll services and personnel administration in Romania, in 2017, there were 12 per cent more

 Read Full article »
Venture capital fund GapMinder assigns 26 million Euro to finance tech startups in Romania

GapMinder, venture capital fund targeting innovative tech startups in Romania enters the local market. With an initial budget of 26 million Euro, GapMinder is the first venture capital fund created following th

 Read Full article »
 
 
MOST READ ARTICLES
» ROMANIAN OUTSOURCING AWARDS FOR EXCELL...
» Molson Coors started to grow its busin...
» Saxo Bank analysis: Romania, the ideal...
» New customer contact centre opens at B...
» Romania, Europe's third and world's 13...
» Committed to growth
» Why AFI Tech Park is the best value fo...
» Genpact's COO: Staying ahead of the cu...
» LeasePlan to open service center in Bu...
» Three major trends to shape the outsou...
 
EDITOR CHOICE
TELUS International: How to keep customers front and center when scaling your business

Learn how to ensure the customer experience grows in tandem with your company's products and services

 Read Full article »
Personal data management, a thorny present topic

More than two-thirds (68 per cent) of consumers do not trust personal data management by companies. Gigya, a company recently acquired by SAP, a market leader in consumer identification and management solutions

 Read Full article »
Oracle: Emerging group of cloud masters accelerate ability to outperform peers

A new group of cloud masters is emerging according to a global survey of 730 IT professionals conducted by Longitude. This small group of forward-thinking businesses have reached cloud maturity (with on average

 Read Full article »
Why AFI Tech Park is the best value for money office project in Bucharest(P)

Based on the insight that location is a strong criteria employees take into consideration when choosing their workplace, AFI Europe Romania is currently developing AFI Tech Park, the newest office destination i

 Read Full article »
Shifting the workplace perspective towards high-end added value

This month, OUTSOURCING TODAY organized The Workplace of the future in IT and Outsourcing at Caro Hotel Bucharest, a new concept event meant to connect fast-growing corporate tenants from IT and outsourcing ind

 Read Full article »
Latest News  
 
about us | newsletter | contact | members area
Copyright © 2015 by Diplomat Media Events Design by Diplomat Media Events