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
Co-working hubs get big on the office market in Bucharest

In the first half of this year, coworking spaces operators are said to have rented office space of nearly 20,000 square meters in existing or emerging buildings in the capital, accounting for 13.4 per cent of t

 Read Full article »
Stefanini achieves 2 digit growth for the 5th consecutive year in Romania and EMEA

Stefanini Romania increased its net turnover by 13.5 per cent last year, to 38.8 million Euro. The company has also seen an important 12 per cent growth at EMEA level last year, where it registered revenues of

 Read Full article »
Ubisoft Coding Campus records 1,000 applicants for 24 positions

Ubisoft, one of the entertainment industry leaders, announces the start of the Coding Campus courses, a 6-month international accelerated learning program based on a curriculum developed by Ubisoft's online pro

 Read Full article »
CBRE: Building owners choose to outsource their property management

According to the latest findings of real estate consultant CBRE, the percentage of outsourcing of property management services has increased over the last few years in retail and office segments; In 2017, 79 pe

 Read Full article »
Veeam launches the global CSR program Veeam Cares and donates toys for 50 children of Hercules Association

Veeam launches the global CSR program by introducing the Veeam Cares initiative, encouraging its employees from around the world to engage in voluntary activities for the benefit of selected NGOs.

 Read Full article »
Zitec launches its new office space of 1,700 sqm in Timpuri Noi Square

Zitec, specialized in the development of personalized technology solutions, services and products, announced it launched its new headquarters in the Timpuri Noi Square office on a surface of 1,700 square meters

 Read Full article »
SAP will "adopt a school" also in Cluj-Napoca, Timisoara and Bucharest

SAP continues in 2018 the project Adopta o Scoala (Adopt a School) through which the company's employees support Scratch programming courses in three primary schools in Bucharest, Timisoara and Cluj-Napoca.

 Read Full article »
CBRE advises London Stock Exchange Group in Romania

CBRE, the world and local market leader in real estate consultancy, advised London Stock Exchange Group (LSEG) in the leasing transaction of 3,000 sqm office space for a new Business Services Centre in Buchares

 Read Full article »
Portland Trust unveils the new symbol of Oregon Park

Closely related to events celebrated in 2018, the year of Romania's 100th anniversary, Portland Trust unveiled the statue that will highlight the identity of the award winning office complex Oregon Park.

 Read Full article »
96% of the first generation of ABSL Master's graduates were employed in business services

96% of the first generation of ABSL Master's graduates were employed in the same field they have studied - business services, within the member companies of the Association of Business Leaders in Romania (ABSL)

 Read Full article »
 
 
MOST READ ARTICLES
» ROMANIAN OUTSOURCING AWARDS FOR EXCELL...
» Committed to growth
» The Outsourcing industry announces its...
» Genpact's COO: Staying ahead of the cu...
» PwC: The competitive advantages of Rom...
» Zitec's digital marketing division reg...
» Luxoft expands Asia Pacific presence w...
» Olga Botusan, Stefanini: There is a hu...
» EXCLUSIVE: ABSL Timisoara - BPO and SS...
» How does leadership look today?
 
EDITOR CHOICE
In the search of the best next available resource, human or not

With the work demand expressed for the "traditional" job openings in ITO, HRO, BPO or SSC, the question formulated by the industry stakeholders points to some concerns regarding the future availability of the s

 Read Full article »
Competing in outsourcing: racing of endurance and skills

As Romania's outsourcing sector is currently estimated to employ more than 100,000 people, a constant evolution in the past years (with 15.000 employees registered in 2007), the local market is a popular nearsh

 Read Full article »
How to become people savvy?

The discussions in the panel of this summer's OT Learning and Development's roundtable underlined the necessity of providing the learning and the knowledge transfer when the necessity occurs, customized and app

 Read Full article »
From a Romanian business venture to a place called home

Vivek Bakshi, the General Manager of International Operations (Europe) at Wipro Technologies has spent more than a decade in Romania, heading the Wipro's International Locations/ Delivery Centers Europe from Bu

 Read Full article »
George Didoiu, Colliers: The trend in office development is going towards an area where people are encouraged to interact

The co-working spaces are already present and gaining grounds. The classical close-doors offices will be rare and a strong trend is to include features now present in the hospitality area in the company offices

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