March 13 (SeeNews) - Bulgarian hydraulic equipment manufacturer M+S Hydraulic [BUL:MSH] has completed a deal to acquire 90% of Italy's Oleotecno Hydraulic Components for 12.15 million euro ($12.99 million), M+S Hydraulic said on Monday.
The Bulgarian company has paid the first portion of the price, with two additional tranches to be made within two years, it said in a bourse filing.
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Oleotecno is M+S Hydraulic’s biggest distributor and the deal is expected to bolster the position of the Bulgarian company as a producer of hydraulic motors, hydrostatic servo controls, brakes, valves and accessories for them. M+S Hydraulic hopes to increase its strategic presence and share of the global market, it said.
The Bulgarian company first disclosed its plans to buy 90% of Oleotecno in December.
M+S Hydraulic is an affiliate of Bulgarian diversified group Stara Planina Hold [BUL:SPH].
($ = 0.9354 euro)