July 26 (SeeNews) - Romanian IT company Bittnet Systems [BSE:BNET] said that it has finalised negotiations with local peer Elian Solutions to buy 51% of the company.
"The investment amounts to 510.000 lei ($129,000/111,000 euro) and will be done in two stages," Bittnet said in a statement filed with the Bucharest Stock Exchange, BVB, on Wednesday.
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In the first stage, Bittnet will take part in a capital increase, reaching a 33.33% participation in Elian Solutions. In the second stage
the founders will sell additional shares so that Bittnet will reach a 51.0082% shareholding position in Elian Solutions.
The estimated date for closing the deal is August 31, the company said.
Last year in September, Bittnet bought local peer Gecad Net, part of Gecad Ventures, formerly known as Gecad Group, for an undisclosed sum.
Bittnet was founded in 2007 by Mihai and Cristian Logofatu. The company focuses on IT training and delivering end-to-end IT infrastructure services and solutions from companies like Cisco, Microsoft, Dell, VMware and HP, among others.
Bittnet was the first Romanian IT company to be listed on the BVB, in April 2015.
Its shares traded 0.96% higher at 1.05 lei as at 0940 CET on Thursday on the BVB.
Elian Solutions is active since 2008 and is a Microsoft partner.
(1 euro=4.6282 lei)