•  
  •  
  •  

Bulgaria's Sirma Group Holding to buy stake in Ontotext for 4.2 mln euro

Bulgaria's Sirma Group Holding to buy stake in Ontotext for 4.2 mln euro Sirma Group Holding/All rights reserved.

SOFIA (Bulgaria), March 13 (SeeNews) - Bulgarian software developer Sirma Group Holding [BUL:SKK] said on Tuesday it signed a deal to acquire a stake of 26.06% in semantic technology company Ontotext for 4.2 million euro ($5.2 million) from local private equity fund New Europe Venture Equity L.P.

Sirma Group Holding will pay the price in three tranches, the company said in a bourse filing.

The first tranche, of 1 million euro, is due upon transfer of the shares. Sirma Group Holding intends to finance the tranche through a bank loan.

The second tranche, also of 1 million euro, is due until end-June.

The final tranche, which amounts to 2.2 million euro, will be due within three days following a successful completion of an increase of the share  capital of the buyer, but not later than March 15.

Under the deal, the software developer pledges as collateral a total of 5.9 million Sirma Group Holding shares, owned by three members of its board of directors.

As at end-2017, Sirma Group Holding held a 58.51% stake in Ontotext.

($ = 0.8068)

 


 

Compare
5 / 5 free articles left this month
Get more for free. Sign up for Basic subscription
Get full access. Upgrade to Premium subscription