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.
Validation Code
Deloitte study reveals Romania's young talents look for organizations in which they matter

Only 15.6 per cent of Romanian millennials think that university graduates in the country are well prepared for professional work. However, 75 per cent of the Romanian students wish to continue their education

 Read Full article »
DB Global Technology kicks off the third edition of DB Tech School

DB Global Technology, the technology center of Deutsche Bank in Bucharest, is preparing for the third edition of DB Tech School, a training program for Java specialists, the company announced.

 Read Full article »
Atos joins global cybersecurity initiative Charter of Trust

Atos, along Enel and AES Corporation joined Charter of Trust, a global cybersecurity initiative. The announcement has been made during this year's 2018 CERAWeek conference in Houston.

 Read Full article »
Luxoft appoints Bogdan Pelinescu as Managing Director for Central Europe

Luxoft Holding, global IT service provider, today announced that starting from March 1, 2018 Bogdan Pelinescu will become its Managing Director for Central Europe.

 Read Full article »
NTT Data Romania leases 2.800 sqm in the third building of Openville Timisoara

The Iulius Company and NTT Data Romania, one of the top providers of software solutions and in Romania, signed a lease agreement for premises in the third class A office building currently pending development i

 Read Full article »
CTP operates five of the Top 10 industrial buildings with BREEAM in-Use certification

The company CTP is continuing its efforts to support permanent, sustainable development and is continuously building top-of-the-line spaces, which are presented with various noteworthy awards. It currently owns

 Read Full article »
The Romanian Unicorn: UiPath raises around 120 mln dollars investment for software robots for internal business tasks

TechCrunch has learned that Romanian RPA developer UiPath, a startup that builds ‘software robots' for enterprises to help automate legacy and back-office functions, has raised a Series B round of funding th

 Read Full article »
ABSL Cluj-Napoca Business Mixer 2018: Transformations, innovations and continuous improvements in the BPO space

ABSL organized the 3rd edition of Cluj-Napoca Business Mixer on February 27. More than 70 people coming from over 30 companies were present at the event, eager to learn more about the transformations, innova

 Read Full article »
National Statistics Institute: The weight of innovative enterprises scaled down 2.6 per cent between 2014 and 2016

Innovation in Romanian enterprises dropped in the period 2014-2016 compared to the period 2012-2014, according to the provisional results of the statistical survey on innovation in industry and services. Large

 Read Full article »
Vodafone Romania buys Romanian IoT company

The Romanian unit of British wireless carrier Vodafone said it has signed an agreement for the acquisition of Evotracking, an Internet of Things (IoT) Romanian company which owns the EVOGPS brand.

 Read Full article »
» Molson Coors started to grow its busin...
» Saxo Bank analysis: Romania, the ideal...
» Romania, Europe's third and world's 13...
» Committed to growth
» New customer contact centre opens at B...
» Why AFI Tech Park is the best value fo...
» Genpact's COO: Staying ahead of the cu...
» Oracle reaches 4,200 employees and pla...
» LeasePlan to open service center in Bu...
Accenture: Company culture is key to unlocking gender equality and narrowing pay gap

New research from Accenture has identified 40 workplace factors that create a culture of equality – including 14 factors that matter the most. The research, published today in the company's "Getting to Equal

 Read Full article »
Romanian Outsourcing & Shared Services Summit at its fourth edition on March 22

OUTSOURCING TODAY, the integrated communication platform of the business services sector, presents the Fourth Edition of Romanian Outsourcing & Shared Services Summit on March 22nd at Hilton Hotel, Bucharest. T

 Read Full article »
Romanian employers forecast the most subdued hiring pace since Q1 of 2016

The Q2 of 2018 hiring perspectives are positive, but trend moderately weaker both quarter-over-quarter and year-over-year

 Read Full article »
IT&C companies are the first for renting new office space

The IT&C sector ranks first in the top of fields renting new office space in 2017, study of ESOP I Corfac International consulting company says.

 Read Full article »
Nominations are now OPEN at the Romanian Outsourcing & Shared Services Awards

Outsourcing Today organizes the 4th edition of the Awards Gala on May 10 at Radisson Blu Hotel in Bucharest. The event that rewards and celebrates the success of the most prominent companies acting in the Outso

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