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T-Hrvatski Telekom headquarters, Zagreb © HT-Hrvatske Telekomunikacije d.d. |
ZAGREB (Croatia), Mar 29, 2010 -- (InPR) -- T-Hrvatski Telekom (Reuters: THTC.L, HT.ZA; Bloomberg: THTC LI, HTRA CZ), Croatia’s leading telecommunications provider, has signed a share Sale and Transfer Agreement to acquire the entire share capital of Combis, usluge integracija informatičkih tehnologija, d.o.o. (“Combis”). The purchase price is between EUR 25.5 million (around HRK 185.3 million) and EUR 31.5 million (around HRK 228.9 million) depending on achievement of Business targets for 2010 and 2011.
Combis is a leading IT systems integrator in Croatia’s fragmented IT market. The acquisition is part of T-HT’s strategy to become a significant provider of Information and communications technology and services.
The acquisition of Combis will contribute to the expansion of T-HT’s portfolio of products and services for its Business customers, given Combis‘ experience in the design, implementation and maintenance of complex Business solutions.
With 280 employees in nine locations across Croatia and three locations in Bosnia and Hercegovina, Combis serves a client base that includes financial institutions, telecom providers, government bodies and the industrial sector. Its expertise encompasses: IT technology and infrastructure consulting, vertical industry solutions and applications, ICT systems integration and ICT infrastructure service and maintenance.
Preliminary unaudited results for the year to 31 December 2009 amounted to around HRK 330 million of consolidated revenue.
The total Croatian market for IT products and services was HRK 6.6 billion in 2008, with the IT services market contributing HRK 2.1 billion. According to IDC estimates there were only 13 providers posting IT services revenue of more than HRK 50 million in 2008.
Combis will continue to operate as a separate legal entity and will continue to identify and fulfil opportunities to expand its market share.
Subject to Croatian Competition Agency approval, the transaction is expected to be completed in the second quarter of 2010.
Ivica Mudrinić, President of the management Board and CEO said:
“The acquisition of Combis is an important step for T-HT as we aim to broaden the portfolio of services and products to become a significant ICT provider across Croatia. It will give us a strong capability in the provision of complex IT solutions for a wide range of Business customers, complementing the telecommunications services we already provide.”
““We believe that the synergy between T-Hrvatski Telekom and Combis will be a forerunner of a new Business philosophy in Croatia. Namely, the new spectrum of Information and telecommunications Business solutions will be presented on the Croatian market for the first time. We believe that it is not over-exaggerated to say that we are laying down the tracks that will take many companies in the direction of Business prosperity.“ – said Ivan Gabrić President of the management of Combis.
About T-Hrvatski Telekom (Reuters: THTC.L, HT.ZA; Bloomberg: THTC LI, HTRA CZ)
T-Hrvatski Telekom (T-HT) is the leading provider of telecommunication services in Croatia, serving nearly 1.5 million fixed lines, nearly 2.86 million mobile subscribers and nearly 555,000 broadband connections through its Residential and Business divisions.
Since its initial public offering in October 2007, T-HT shares have traded on the Zagreb Stock exchange, with global depositary receipts trading on the London Stock exchange. Deutsche Telekom AG owns 51% of T-HT’s shares, with the War Veteran’s Fund owns 7% and the Government of the Republic of Croatia holds 3.5%. The remaining free float is in the hands of private and institutional investors.
About Combis d.o.o.
Combis d.o.o. is one of the leading service providers in Adriatic region and the leading Croatian systems integrator according to IDC Adriatics.
Combis’ professional strength lies in the fact that it stands by its customers during the entire sales process by providing services of consulting, development, installation, integration and maintenance of integrated ICT solutions on a “turn-key basis”. Combis’ Business activities are mainly concentrated on medium and large enterprises in banking and telecommunications sector, public sector and industry.
company was established in 1990, with nine locations situated throughout Croatia. Combis’ Business in Bosnia and Herzegovina is conducted from headquarters in Sarajevo and two more service units.
Source: T-Hrvatski Telekom, March 26, 2010
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