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Nov 28, 2023 11:16 EEST
November 28 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) will acquire a 28.3% stake in business process and technology outsourcing (BPTO) services provider M Plus Croatia in exchange for a capital increase of 60 million euro ($66 million), M Plus Croatia's majority owner, Meritus Ulaganja, said on Tuesday.
"The increase in demand for our services resulted in the need for additional investments in the development of our BPO operations,” Darko Horvat, CEO of Meritus Ulaganja, said in a filing to the Zagreb bourse. “This partnership puts us in an active position that allows for accelerated expansion through acquisitions," he added.
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The investment is pending approval by the relevant authorities.
Following the investment, Meritus Ulaganja which currently holds a 68.7% stake in M Plus Croatia, will remain as the majority and controlling shareholder with a 59.7% stake, while private equity fund MidEuropa, through its subsidiary company Dragon Bidco Sarl, will continue to support the business as a minority investor, with a reduced stake of 10.7%, as will UK company Convex Holding Ltd, with a 1.3% stake.
Meritus Ulaganja is the parent company of Mplus Group. M Plus Croatia is a part of Mplus Group and it consolidates the companies operating in the Group’s BPO business vertical.
Upon realisation of this capital increase, it will also be the largest equity investment by the EBRD in the technology services sector in the Southeast Europe region and one of the largest equity investments in Croatia in general.
By leveraging the invested funds, Mplus Group will continue to expand and consolidate its strategic position in the international BPO industry, primarily through acquisitions.
The group will also continue to improve business processes’ efficiency together with creating additional job opportunities in the region and beyond.
Trading on Tuesday on the Zagreb bourse has not started. Shares of Meritus Ulaganja [ZSE:MRUL] last traded on the Zagreb bourse on Monday, closing 5.0% higher at 210 euro.
($ = 0.914 euro)
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