Allegro buys 83 percent of GECAD ePayment

Newsroom 12/10/2010 | 17:28

Allegro, part of Naspers Ltd., has become the major shareholder of GECAD ePayment. The transaction was finalized in August but the two companies did not disclose its value.

This is the second acquisition Naspers has made on the local market, after it also acquired the autovit.ro site for a sum of approximately EUR 5 million.

This time, Allegro – which has been advised by a team from DLA Piper law firm, lead by Marian Dinu, country managing partner – has acquired a major stake of 83 percent of the shares of GECAD ePayment, leader in supplying integrated eCommerce solutions on the Romanian market. The remaining shareholder in GECAD ePayment is Orbitview, which has 17 percent of the company, while Radu Georgescu (in picture) remains part of the management board of the company but from now on, Daniel Nicolescu will be CEO of GECAD ePayment.

“Allegro has very rich experience in e-commerce, with operations on most large markets in Central Europe. I am convinced that this association will be, first of all, to the benefit of GECAD ePayment clients. Personally, I will continue to remain involved in the company’s activity, just as I have until now,” said Georgescu.

Before the acquisition, the Avangate division of GECAD ePayment, international supplier of solutions and services for software electronic distribution, became a separate entity. The shareholding structure of Avangate, based in The Netherlands, has remained unchanged: Orbitview Ltd has 99 percent of the capital while Georgescu has 1 percent.