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On 30 July 2010, Asseco South Eastern Europe SA concluded an agreement under which it acquired 99.6620% shares (“ITD Shares”) in ITD Iletisim Teknoloji Danismanlok Ticaret A.S. seated in Istanbul (“ITD”) and 99.9970% shares (“EST Shares”) in EST Elektronik Sanal Ticaret ve Bilisim Hizmetleri A.S. seated in Istanbul (“EST”).
70.6191% of ITD Shares were purchased in a cash transaction for the total amount not exceeding EUR 6.1 million. Whereas the remaining 29.0429% of ITD Shares were acquired in exchange for the newly issued 837,472 shares in ASEE. Therefore, some ITD shareholders will become shareholders in ASEE.
99.9970% of EST Shares were purchased in a cash transaction for the total amount not exceeding EUR 2.5 million. Furthermore, in the future ASEE will be obliged to make additional payments to EST shareholders, either in the form of cash and/or issuance of ASEE shares, provided the specific levels of net profit are achieved for the years 2010 and 2011 as defined in the Shares Acquisition Agreement.
The acquisition has been commented as follows:
Piotr Jelenski, President of Asseco SEE: – “These transactions are part of our international development strategy. The Turkish companies IDT and EST were chosen following a long and intensive search. The ITD and EST business successes, both in Turkey and abroad, close customer relations, corporate structure and efficient management team are all a good rationale for the choice we have made. We believe the competence represented by ITD and EST will contribute considerably to overall development of Asseco SEE.”
Coskun Ural, President of ITD and EST: – “Since 2002 the Turkish economy has faced a lot of challenges. Despite that we managed to reinforce our position in the Turkish IT market by launching innovative value-added solutions. Owing to that our sales increased four times. We are happy to become a partner with Asseco SEE, a company of excellent reputation in Europe. This partnership will help us at ITD and EST to realize our vision to market our solutions internationally.”