Bulgaria's Allterco gets shareholder nod to buy Slovenia's GOAP

The shareholder nod was given at an extraordinary general meeting held on Tuesday, Allterco said in a bourse filing late on the same day.

Investors also endorsed changes to remuneration policy and a flexible share-based remuneration scheme for executive board members, the company said adding that it will publish a protocol from the meeting within the required timeline.

Allterco first announced negotiations to buy GOAP in June, as part of a strategy to enter new markets and expand its product portfolio of home automation systems with the addition of smart systems for cruise ships.

The deal, which will take place in two stages, is worth up to 5.5 million euro ($5.85 million) including performance-based earnout, an earlier statement by Allterco showed.

Earlier this month, the IoT products maker announced that it is opening an R&D hub in Dublin, Ireland so as to further accelerate its international expansion.

As at 1213 CET on Wednesday, shares in Allterco were trading 1.46% lower at 20.20 levs. The company has a market capitalisation of some 369 million levs ($201 million/188.7 million euro).

Allterco has five wholly-owned subsidiaries, including Allterco Robotics in the US and Germany-based Allterco Europe.

($ = 0.93867 euro)