SOFIA (Bulgaria), August 22 (SeeNews) – Canadian investment company Cameo Resources said on Tuesday it has signed a Letter of Intent on August 12 to acquire Bulgarian IT products distributor Pinot Trading.
“At this time, the parties continue to negotiate the material terms of the transaction, including the amount of the proposed consideration, how the consideration will be paid, and the identity of the directors and executive officers of the resulting issuer,” Cameo Resources said in a statement.
You can subscribe to our M&A newsletter here
The letter of intent is generally non-binding except for specified provisions thereof, including a binding exclusivity clause, whereby each party has agreed to exclusively negotiate and pursue a transaction solely with the other party until the termination date as set out in the letter of intent, the company added.
Plovdiv-based Pinot Trading, established in 2003, is a telecommunications equipment supplier and one of the largest European resellers of Apple, Samsung and Huawei smartphones.
The Bulgarian company’s revenue amounted to 110.7 million Canadian dollars ($88.4 million/75.1 million euro) in 2016, according to the statement. Pinot Trading’s net profit amounted to 632,457 Canadian dollars last year.
(1 Canadian dollar = 0.6788 euro)