Top Deals of the year

This year’s list includes deals that have been completed in 2011, involving law firms that advised on the transaction at a local or international level. The M&A market has seen an active presence from investment funds this year. Oresa Ventures acquired a manufacturing plant, while private equity fund Innova Capital gained an operator on the card market. Investment fund GED snapped up a minority stake in a Romanian hotel chain, while New Europe Property Investments (NEPI) also sealed deals on the local market.

Ovidiu Posirca

Disclosed M&A transactions total USD 262 million
Specialists at Ernst & Young Romania report that the M&A market stabilized in 2011 compared to 2010. E&Y counted 98 transactions to date in 2011, compared to 104 in 2010. However, further deals are expected to be struck by the end of 2011, meaning that the market should post similar figures to last year.

Of the 98 transactions thus far, 35 alone have a disclosed value that reaches USD 262 million. When comparing the average deal value based on information made public, the average value per transaction fell below USD 10 million, from a 2010 average of USD 28 million, according to the E&Y analysis.

“Broadly, the market has maintained a pace similar to the previous year from the point of view of transaction numbers and values, except for a small number of transactions that outpaced the market trend,” said Radu Stoicoviciu, partner and leader of transactions and management consultancy at PwC Romania. He added that the value of deals remained low, continuing last year’s trend, and that the number of transactions with values between EUR 20 million and EUR 40 million has fallen.

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Acquisition appetite remains low
Andreea Stanciu, senior manager within the Transaction Assistance department at E&Y, stated that the M&A market has not registered significant growth because the gap between the expectations of sellers and buyers hasn’t appreciably narrowed. Most of the transactions involved insolvent and distressed companies. However, the 31 transactions completed by financial investors that have either been announced or closed this year represent a growth trend that should continue in 2012 as well. By comparison, only 10 deals of this kind were done in 2010.

Growth in M&A market for 2012
“The M&A market should see an upward trend in 2012, as long as economic recovery materializes in Romania. At present, there are some rumors of upcoming large transactions in 2012 including planned privatizations following IMF recommendations. If these deals got done, probably during the second half of next year, the local M&A market would significantly rise,” predicted Stanciu. She added that the most attractive sectors for acquisitions remained services, manufacturing, energy & mining, telecom & media. For 2012, the manager forecast that acquisitions in services, energy, real estate and IT will continue.

The PwC partner commented that the agriculture sector has seen significant transactions, between companies that are in the fertilizers and pesticides business, as well as firms that handle the storage and sale of agricultural production.

The E&Y representative added, “Strategic decisions such as the acquisition of other companies are highly dependent on the overall economic prospects and their visibility. In these uncertain times (with the Euro-zone debt crisis and economic turmoil), strong prospects for market growth in the respective industry are paramount for an investment decision.”
Stoicoviciu forecast that services and FMCG will continue to drive the bulk of demand next year as the conditions will be more favorable, compared to sectors that are connected to durable goods. He added that Romania should see transactions step up in 2012, while companies with limited exposure to risk, from the financial and markets point of view, will be sought after.

The volume of deals signed in the first three quarters of 2011 decreased by 7 percent compared to the same period of 2010, according to Allen & Overy research. Activity in CEE was slow throughout the summer break, with several transactions in progress but few closed during the seasonal lull, found the study.

Privatization across the region is on its last legs, but Romania seems to have a different situation as thermo plants Turceni and Rovinari, Oltchim, the Romanian Post, CFR and Tarom could go into private hands. State-owned companies in the energy sector may also be subject to IPOs or SPOs in the year to come.

The study also found that energy remains an attractive sector, with lots of activity in the renewable field, something that is the case in Romania where Enel Green Power acquired a 72 MW wind park. Investments of approximately EUR 2 billion in wind farms have also been announced this year by CEZ and Filasa International.

EDP Renovaveis received financing for developing two wind farms with an installed capacity of 230 MW. Meanwhile, E.ON, Enel and Termoelectrica teamed up to develop a thermo-electrical independent power producer in Braila.
The oil and gas sector also fared well in Romania, as an AUD 12.74 million transaction involved the acquisition of Zeta Petroleum by Key Petroleum, granting the buyer access to important reserves of oil and gas.

Speculation that certain energy giants may withdraw from the CEE market hasn’t been confirmed yet, but the issue should be kept under consideration, advised Allen & Overy specialists. In CEE, preparatory work is going into nuclear power plants that should be built in the next five years. Locally, Iberdrola decided to exit the Cernavoda nuclear power project, which involved the development of two reactors at a total cost of EUR 4 billion.
Allen & Overy forecasts that the volume of deals closed in CEE in 2011 will reach USD 66.2 billion, down from the USD 94.7 billion registered the previous year.

Some of the international deals that have been sealed have also impacted local operations. For instance, CA Immo acquired property worth around EUR 1.5 billion, in the Eastern and South Eastern Europe, after taking over Europolis Group. Accounting for 21 percent of the firm’s real estate assets, Romania is its most important market in South Eastern Europe. Another deal, involved the acquisition of AgriPoint Limited, a company that operates the Silotrans grain storage business at the Port of Constanta, in Romania, by CHS Inc. Immofinanz bough out remaining stake in Adama Holding, with one of the largest real estate portfolios in the SEE, which has projects in Romania, Moldova, Turkey, Ukraine and Croatia.

BANKS

Erste buys 6 percent stake in BCR from SIF Muntenia
Value of transaction: EUR 96 million
Legal team buyer: Tuca Zbarcea si Asociatii (Romanian law), Hauser & Partner (Austrian law)
Legal team seller: Schoenherr

Erste, the majority shareholder of BCR, concluded an agreement to sell/exchange up to a 6 percent share package owned by investment company SIF Muntenia. Austrian Erste Group, the majority shareholder in BCR and SIF Muntenia, entered into a series of agreements including a sale purchase agreement, a swap agreement and an option agreement in relation to SIF Muntenia’s holding in BCR.

Erste Bank buys 24.1 percent stake in BCR from four minority shareholders
Value of transaction: EUR 500 million
Legal team, buyer: Tuca Zbarcea & Asociatii
Legal team, seller: Schoenherr (SIF Muntenia); Popovici Nitu & Asociatii (SIF Banat-Crisana); not known(  SIF Transilvania)

In September, Erste Group announced it had reached an agreement in principle with four of the five SIF minority shareholders in Banca Comerciala Romana (BCR) – SIF Banat Crisana, SIF Transilvania, SIF Muntenia and SIF Oltenia (participating SIFs) – under which Erste Group would acquire their 24.1 percent stake or 2,618,286,036 shares in BCR.
Since September, Erste Group has signed three final agreements with SIF Muntenia (October), SIF Banat-Crisana (November) and SIF Transilvania (November). A fourth agreement with SIF Oltenia could be reached by end-2011.

INDUSTRIES

MedLife buys 55 percent stake in Genesys Medical Clinic Arad
Value of transaction: EUR 3 million
Legal team, buyer: Not made public
Legal team, seller: Not made public

MedLife, a provider of private healthcare services, acquired a 55 percent stake in Genesys Medical Clinic in Arad, one of the largest healthcare services providers in western Romania.

Nova Group purchases 27 percent stake in Astra Insurance
Value of transaction: EUR 24.9 million
Legal team, buyer: Not made public
Legal team, seller: Not made public

Uniqa Group Austria sold a 27 percent stake in Astra Asigurari to the Nova Group, a company controlled by Dan Adamescu. Prior to the transaction, the Nova Group held a 72 percent participation in the company’s share capital. The transaction was finalized on the Bucharest Stock Exchange (BSE).

Kandia Dulce buys Supreme Chocolat
Value of transaction: Not made public
Legal team, buyer: Not made public
Legal team, seller: Not made public

Kandia Dulce, the second biggest player on the Romanian chocolate market, has announced that it will buy competitor Supreme Chocolat, the third largest player. Kandia Dulce is owned by the Austrian Meinl family, while Supreme Chocolat is a local family business set up by Jihad and Johnny Jabra. The merger will consolidate Kandia’s position on the market and bring it closer to the market leader, Kraft. The transaction is pending approval from the Competition Council.

Fresenius Group acquires Nefromed and Nefromed Dialysis Centers
Value of transaction: Not made public
Legal team, buyer: Popovici Nitu & Asociatii
Legal team, seller: Bostina & Asociatii

Fresenius, a global healthcare group providing products and services for dialysis, hospitals and patient home care, acquired Nefromed and Nefromed Dialysis Centers from Euromedic International Grup.

Fresenius Group nets Renamed companies
Value of transaction: Not made public
Legal team, buyer: Popovici Nitu & Asociatii
Seller: private investors

Fresenius acquired Renamed Companies, specialized in the hemodialysis field, including Renamed Dialcare, Renamed Medical Service II, Renamed Nefrodial and Renamed Nefrodiamed.

Oresa Ventures acquires business of G&D Teius
Value of transaction: EUR 4 million
Legal team, buyer: Popovici Nitu & Asociatii
Legal team, seller: in-house lawyers

Swedish investment company, Oresa Ventures, acquired the business of G&D Teius, a manufacturer of prefabricated materials through Somaco.

Edenred buys Euroticket
Value of transaction: EUR 5.5 million
Legal team, buyer: Not made public
Legal team, seller: Not made public

Edenred, a leading player on the value coupons market, bought Euroticket, the fourth largest issuer of meal and gift coupons, which increased the buyer’s market share to 40 percent.

Innova Capital acquires 96 percent stake in Provus Services Provider
Value of transaction: Not made public
Legal team, buyer: Badea Clifford Chance
Legal team, seller: Reff & Asociatii

Private equity fund Innova Capital acquired a 96 percent stake in Provus Services Provider and its subsidiaries, fully controlled by RomCard, from Turkven Private Equity and a consortium of Turkish investors. Provus and RomCard are suppliers of card issuing and personalization services and are also involved in operations and transaction processing involving ATMs and POS.

3TS Fund invests EUR 4 million in Avangate
Value of transaction: EUR 4 million
Legal team investors: Not made public

3TS Capital Partners, through its technology fund for Central and Eastern Europe SCA SICAR, informally known as 3TS Cisco Growth Fund, has invested in Avangate, a provider of electronic software distribution, by acquiring a minority stake in the company.

Austrian Post buys 26 percent stake in Romanian Post Master
Value of transaction: Not made public
Legal team, buyer: Schoenherr
Legal team, seller: Lawyer Christian Danzer

Österreichische Post AG acquired a 26 percent stake in Romanian PostMaster, in a transaction that includes the option to acquire the remaining 74 percent stake within two years.

Dynea Oy acquires Rom Re Ro Munteanu
Value of transaction: Not made public
Legal team, buyer: Schoenherr
Legal team, seller: NNDKP

Dynea Oy, a Finnish leading supplier of adhesive and surfacing solutions, with sales of EUR 527 million in 2009, acquired Rom Re Ro Munteanu, a Romanian company involved in the research and production of paints, adhesives and resins. Dynea has some 40 production plants and 2,100 employees in 22 countries in Europe, South America and Asia Pacific. Rom Re Ro Munteanu was established in 1993 by researcher and inventor Veronica Munteanu-Popeneciu.

Mediterranean Car Agency buys two Autoitalia Group entities
Value of transaction: over EUR 20 million (media sources)
Legal team, buyer: Musat & Asociatii
Legal team, seller: Not made public

Mediterranean Car Agency LTD Israel, a major provider of car dealership services, acquired two entities that are part of Autoitalia Group – Autoitalia Impex, the Romanian importer of the Italian car brands Fiat, Alfa Romeo, Lancia and Maserati, and Japan Motor Brands, the local partner of the Japanese brand Infinity.

PET Star Holding acquires Korin
Value of transaction: approximately EUR 1.7 million
Legal team, buyer: NNDKP
Legal team, seller: in-house lawyer

Pet Star Holding, the largest Romanian company active in the manufacture of PET preforms, has expanded its activities in Romania following the acquisition of a 100 percent shareholding in Korin, a company operating a dormant knitting manufacturing facility.

Opel SouthEast Europe Automotive buys Union Motor Cars
Value of transaction: Not made public
Legal team, buyer: Kinstellar
Legal team, seller: Not made public

Opel Southeast Europe acquired the Romanian car dealer Union Motor Cars.

Generali Holding Vienna obtains 16 percent stake in Generali Asigurari Romania
Value of transaction: EUR 4.8 million
Legal team, buyer: White & Case
Legal team, seller: Not made public

Generali Holding Vienna gained a minority package of approximately 16 percent in Generali Asigurari Romania from the Romanian insurer, Astra Asigurari. Prior to
this transaction, Generali Holding Vienna held an 83.7 percent stake in Generali Asigurari.

Regina Maria takes over Promed
Value of transaction: Not made public
Legal team, buyer: In-house
Legal team, seller: bpv Grigorescu Stefanica

The Romanian private healthcare operator Regina Maria acquired Promed, expanding its in-vitro fertilization and maternal-fetal medical services.

Ameropa Holding buys Azomures and Chimpex
Value of transaction: Not made public
Legal team, buyer: Popovici Nitu & Asociatii
Legal team, seller: Miculiti Chiper Shollenbarger Angelo

Ameropa Holding AG, a leading Swiss fertilizer and grain trader, acquired Romanian fertilizer producer Azomures and Chimpex, a harbor operator in Constanta, both listed on the Bucharest Stock Exchange.

Oresa Ventures buys RTC Proffice Experience
Value of transaction: Not made public
Legal team, buyer: Popovici Nitu & Asociatii
Legal team, seller: Virjan & Asan

Swedish investment company, Oresa Ventures, acquired RTC Proffice Experience, a leading stationery distributor, part of the RTC Group that is controlled by the businessman Octavian Radu.

ENERGY

E.ON merges gas and electricity supply subsidiaries in Romania
Value of transaction: EUR 200 million
Legal team: Kinstellar

E.ON Romania merged its electricity and gas supply subsidiaries in Romania. Both the Ministry of Commerce and Electrica disposed of veto rights in relation to the merger. The minority shareholder, the Property Fund, managed by Franklin Templeton, is challenging the merger in court.

Key Petroleum picks up Zeta Petroleum
Value of transaction: initial consideration payable is AUD 12.74 million. The deal also includes two additional payments upon operational milestones.
Legal team, buyer: bpv Grigorescu Stefanica
Legal team, seller: Not made public

Australian Key Petroleum Ltd acquired 100 percent of the issued capital and assets of Zeta Petroleum, sole shareholder of Zeta Petroleum Romania. This acquisition provides Key Petroleum with access to estimated reserves of 58 billion cubic feet of gas in Romania and one-four million barrels of oil, as well as to prospective resources of over 300 billion cubic feet of gas.

Regal Petroleum Barlad sells concession to Chevron
Value of transaction: USD 25 million (excluding VAT and before taxes)
Legal team, buyer: Not made public
Legal team, seller: Stefanica & Florea (the firm acted as local counsel for Pinsent Masons, London)

Regal Petroleum sold its Barlad concession to US based Chevron. The concession comprises oil and gas reserves located in Barlad.

E.ON, Enel and Termoelectrica constitute BPC-Braila Project Company
Value of transaction: EUR 800 million-1 billion
Legal team, Termoelectrica: Stefanica & Florea
Legal team, Enel: Musat si Asociatii
Legal team, E.On: NNDKP

E.ON, Enel and Termoelectrica will establish the BPC (Braila Project Company), a green-brownfield, 1000 MW installed capacity project, for the development and construction of an independent thermo-electrical power producer in the city of Braila.

Mineco AG acquires the mining assets/operations of Moldomin
Value of transaction: Not made public
Legal team, buyer: NNDKP
Legal team, seller: bpv Grigorescu
Stefanica

Mineco AG, a company based in Switzerland with businesses in mining and the manufacturing of non ferrous metals throughout CEE, acquired the mining assets/operations of Moldomin, a Romanian company going through bankruptcy, which operates mines with copper reserves of about EUR 1 billion.

Enel Green Power buys Salbatica 2 wind park
Value of transaction: over EUR 20 million (media sources)
Legal team, buyer: Musat & Asociatii
Legal team, seller: Not made public

Enel Green Power, part of the Italian group Enel, which develops and manages renewable energy projects, gained a green energy project in the field of wind generation, Salbatica 2, with an installed capacity of 72 MW.

CEZ buys TMK Hydroenergy Power and related assets
Value of transaction: EUR 20 million
Legal team, buyer: Tuca Zbarcea & Asociatii (Romanian law) and Weil, Gotshal and Manges Prague
Legal team, seller: Vernon David

CEZ completed the largest transaction in the hydropower sector in 2010/2011, consisting of the acquisition of a 100 percent stake in TMK Hydroenergy Power and related assets (four reservoirs with dams and four small hydropower plants). The deal is also the second largest transaction successfully completed on the M&A market in H1/2011, according to a recent survey by Ernst & Young.

OMV Petrom sells facilities on Arpechim platform to Oltchim
Value of transaction: EUR 1.6 million (media sources)
Legal team, buyer: in-house legal counsel
Legal team, seller: Tuca Zbarcea & Asociatii

OMV Petrom sold Oltchim an air separation unit and logistics infrastructure (railway lines and tank farms), both located on the Arpechim industrial platform. The transaction involved a complex structure of commercial agreements aimed at ensuring the post-closure supply of services and products between the parties. It also involved the transfer of the personnel attached to the assets. The agreement was reached in May 2011.

CEZ develops 600 MW wind park in Romania
Value of transaction: EUR 1.1 billion (estimated value of the necessary investments)
Legal team: Tuca Zbarcea & Asociatii (Romanian law) and Weil, Gotshal and Manges Prague

CEZ is investing EUR 1.1 billion in the construction of the largest on-shore wind farm in Europe, with 600 MW of total installed capacity. The first stage of the construction, in Fantanele, will have a total installed capacity of 347.5 MW and involves the connection of 139 General Electric wind turbines, with a capacity of 2.5 MW each and a height of 100 meters. The wind turbines built in Fantanele over a year and a half were switched on in June 2010 and had produced, by the end of the year, approximately 0.3 TW during the testing period. The second stage of the CEZ Wind Farm, which is built on the territory of Cogealac, Fantanele and Gradina, will have a total installed capacity of 252.5 MW and will comprise 101 wind turbines of the same type (GE 2.5 MW) as those installed in the first stage.

MEDIA

Sibmedia Interactive sells majority stake to Schibsted Media Group
Value of transaction: Not made public
Legal team, buyer: Not made public
Legal team, seller: NNDKP (sub-contracted)

The founder of Sibmedia Interactive (the owner and operator of tocmai.ro site, leader on the Romanian market of online classified ads) sold a majority participation in the company to Schibsted Media Group.

Romtelecom buys  Boom TV from DTH Television Group
Value of transaction: EUR 8 million (media sources)
Legal team, buyer: Tuca Zbarcea & Asociatii
Legal team, seller: Casa de Insolventa Transilvania

Romtelecom agreed to acquire the local TV station Boom TV, which is under judicial administration, from DTH Television Group. The transaction involved the assets and customer base of the digital satellite television Boom TV (approximately 95.000 subscribers).

EMI European Media Investment sells its majority shareholding in Trustul de Presa Dunarea de Jos to Mariano
Value of transaction: EUR 1.6 million (media sources)
Legal team, seller: Tuca Zbarcea &
Asociatii
Legal team, buyer: N/A

EMI European Media Investment, a member of the Swiss Goldbach Media Group, sold its majority shareholding in Trustul de Presa Dunarea de Jos, editor of a leading local newspaper in Galati, to Mariano.

Romtelecom buys Digital Cable Systems’ DTH (Direct to Home) business
Value of transaction: Not made public
Legal team, buyer: Salans
Legal team, seller: Not made public

Romtelecom bought Akta Satelit, the DTH (Direct to Home) business of Digital Cable Systems, one of the most dynamic local providers of satellite and cable TV, internet and telephony services.

REAL ESTATE

GED buys 30 percent stake in Continental hotel chain
Value of transaction: Not made public
Legal team, buyer: Vilau & Mitel
Legal team, seller: Not made public

Investment fund GED acquired 30 percent of Romanian hotel chain Continental from risk capital fund PPF Partners. The main shareholder in the chain is the Enache family. The acquisition is the largest investment in GED’s portfolio in Eastern Europe, and joins the fund’s portfolio of tourism investments, alongside Happy Tour, Travel House, Paravion and Prestige Tour.

Auchan acquires platform from Pryconsa
Value of transaction: Not made public
Legal team, buyer: Popovici Nitu &
Asociatii
Legal team, seller: Pachiu & Asociatii

French hypermarket chain Auchan bought half the land of the former Tricodava industrial platform in Bucharest from Spanish investor Pryconsa, in a “multimillion transaction”.

Industrialexport acquires 50 percent stake in Tower International
Value of transaction: NOT MADE PUBLIC
Legal team, buyer: Popovici Nitu & Asociatii
Legal team, seller: In-house lawyers

Industrialexport acquired a 50 percent share stake in Tower International, the owner of Bucharest Tower Center, from Central Eastern Real Estate Shareholdings BV.

NEPI buys Floreasca Business Park
Value of transaction: EUR 100 million
Legal team, buyer: Reff & Asociatii
Legal team, seller: NNDKP

Ingen Europe BV, sole shareholder of Floreasca Business Park SRL, the company that owns Floreasca Business Park, a class A office building with a GLA of approximately 35,000 sqm, was sold to New Europe Property Investments (NEPI).

Bluehouse Capital buys Astoria Business Center
Value of transaction: over EUR 10 million
Legal team, buyer: NNDKP
Legal team, seller: Biris Goran

Bluehouse Capital, a major equity real estate investment management firm, bought a 4,500-sqm lettable office area, Astoria Business Center in down town Bucharest.

CD Capital Partners and Benovo Capital Corporation sell 50 percent of Vic City
Project to NEPI
Value of transaction: Not made public
Legal team, buyer: Popovici Nitu & Asociatii
Legal team, seller: Reff & Asociatii

Canadian Investments funds CD Capital Partners & Benovo Capital Corporation sold 50 percent of the Vic City Project to New Europe Property Investments (NEPI), for the development of Victoria City Center, in Bucharest.

Bluehouse Capital buys Praktiker Center
Value of transaction: EUR 10 million
Legal team, buyer: NNDKP
Legal team, seller: in-house lawyers

Bluehouse Capital, a major equity real estate investment management firm, bought a 9,500-sqm lettable area project, Praktiker Center in Craiova

GED Real Estate Eastern Investments buys real estate property from Heineken
Value of transaction: EUR 3.6 million (media sources)
Legal team, buyer: Tuca Zbarcea & Asociatii
Legal team, seller: Schoenherr

Spanish investment fund, GED Real Estate Eastern Investments, acquired a real estate property (Militari Property Management) from Heineken in a share deal worth EUR 3.6 million. Before the sale, Heineken Romania owned 99 percent of Militari Property Management and the remainder was in the hands of an individual.

AGRICULTURE

Cargill buys Provimi
Value of transaction: EUR 1.5 billion
Legal team, buyer: Baker & McKenzie (lead law firm); Popovici Nitu & Asociatii (Romanian law)
Legal team, seller: Freshfields

International producer and marketer of food Cargill acquired animal nutrition business Provimi from the European private equity fund Permira. Both of the companies involved in the transaction are present on the Romanian market.

Sumitomo Corporation acquires 90 percent stake in Alcedo
Value of transaction: several tens of millions Euros
Legal team, buyer: NNDKP
Legal team, seller: Bostina & Asociatii

Sumitomo Corporation, one of the largest Asia-Pacific based trade houses
and investors has expanded its operations in Romania following the acquisition
of a 90 percent shareholding in the highest performing Romanian producer and distributor of fertilizers and seeds, Alcedo.

DSM Nutritional Products AG acquires Fatrom-Aditivi Furajeri
value of transaction: Not made public
Legal team, buyer: Wolf Theiss
Legal team, seller: Not made public

DSM Nutritonial Products AG, a member of DSM Group, acquired the animal premixes business of Fatrom-Aditivi Furajeri. DSM Group will develop the Romanian animal feed sector, given the anticipated growth in animal farming and the rise of industrial feed production.

Agrium acquires Agroport
Value of transaction: Not made public
Legal team, buyer: Wolf Theiss
Legal team, seller: Not made public

Agrium Inc. acquired Agroport, the Romanian subsidiary of Cereal Toscana, a fertilizer distributor based in Italy. Agrium acquired a 100 percent equity position in Cereal Toscana and Agroport.

IT&C

Cegedim buys software company
Value of transaction: Not made public
Legal team, buyer: Wolf Theiss
Legal team, seller: Not made public

Cegedim, a global technology and services company specializing in the healthcare field, acquired a business delivering software solutions to Romanian pharmacies. The acquisition involved the spin-off of this business from the seller’s parent company.

Bramerton Investments acquires 70 percent stake in Q’Net International
Value of transaction: Not made public
Legal team, buyer: Popovici Nitu &
Asociatii
Legal team, seller: Borza & Asociatii

Bramerton Investments bought a 70 percent stake in the local supplier of equipment, IT solutions and services Q’Net International.

Imtech NV buys Sapphir IT & Management
Value of transaction: Not made public
Legal team, buyer: Not made public
Legal team, seller: Not made public

Imtech, global independent supplier of electrical engineering, IT&C and mechanical engineering services, entered the Romanian market via the acquisition of the company Sapphir IT & Management Consulting GmbH, including its office in Bucharest.The acquisition was made through one of the companies owned by Imtech, ILS ICT Group, which was renamed Imtech ICT Austria at the beginning.

ovidiu.posirca@business-review.ro