January 4 (SeeNews) - Bulgarian IoT products maker Allterco [BUL:A4L] said that it acquired 60% of Slovenian peer GOAP in what is the first stage of its agreed takeover of the company.
The value of the completed deal is 2 million euro ($2.11 million), Allterco said in a press release on Tuesday after share purchase agreements were signed with the four GOAP shareholders.
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At the same time, the buyer signed an option agreement with three individual target company shareholders who together own the remaining 40% of GOAP's equity. This agreement gives Allterco unconditional call options on two share packages, equivalent to stakes of 16% and 24%, while the selling parties have conditional put options on the same shares.
The total value of the remaining overall stake ranges between 700,000 euro and 3.45 million euro, depending on pre-agreed performance and revenue-based conditions for the 2023–2025 period.
Allterco received shareholder approval to buy GOAP in December, in a bid to expand its smart products portfolio.
($ = 0.9440 euro)