December 20 (SeeNews) - Croatian holding company Meritus Ulaganja [ZSE:MRUL] said on Monday that its unit M Plus Croatia has signed an agreement with shareholders of German computer processing and data preparation services company Invitel and its subsidiaries to acquire 75% of the company for 9.8 million euro ($11 million).
“With the acquisition of the target, the M+ Group acquires clients from new sectors in which it has not been present so far, companies in the energy industry vertical and infrastructure for public services,” Meritus said in a filling with the Zagreb bourse.
You can subscribe to our M&A newsletter here
Meritus Ulaganja is the parent company of business process and technology outsourcing (BPTO) services provider M+ Group.
In 2020, Invitel employed 1,433 people and generated a 42 million euro revenue. Invitel serves customers in Germany.
The deal will be carried out through Meritus Ulaganja's German unit M+ Deutschland BPTO.
Zagreb-bazed M+ Group operates also in Germany, Slovenia, Bosnia, Serbia, Turkey, Romania, Hungary, the UK and the U.S.
Over the past five years, the M+ Group has made 15 acquisitions and secured a diversified portfolio of clients consisting of technology, energy, logistics, and e-commerce companies, consumer goods companies, financial institutions, and European and global telecoms. It has a language portfolio of 31 languages.
“With the takeover, the M+ Group has expanded the locations where it does business to the geographical area that ranges from Hanover to Istanbul. With the new acquisition, the M+ Group is reaffirming its position as a leading independent provider of BPTO (Business Process and Technology Outsourcing) services, with more than 10,000 employees,” Meritus Ulaganja said in a separate statement to the Zagreb bourse.
Meritus Ulaganja's shares last traded unchanged at 850 kuna ($127/113 euro) on the Zagreb bourse on November 11.
(1 euro= 7.513 Croatian kuna)