January 4 (SeeNews) - Romania's competition authority said on Friday it has approved the takeover of IT company Net Brinel by French group SNEF.
"Following a review of the transaction, the Competition Council found that it does not raise significant obstacles to effective competition in the market, in particular by establishing or strengthening of a dominant position," the Competition Council said in a statement.
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The transaction was first announced in November. Its price has not been disclosed.
Founded in 1991 by Romanian entrepreneur Marcel Borodi, Net Brinel is part of Brinel Group providing software, hardware and communications solutions.
The company posted a 5.3 million lei ($1.3 million/1.1 million euro) profit in 2017, up 11.5% on the year, as its revenue rose by 31% to 159 million lei.
SNEF is focused on the energy, maritime, nuclear and telecommunications sectors, with operations in Africa, Eastern Europe and South America. It employs 9,000 worldwide and generates some 900 million euro ($1.01 billion) in revenues per year.
(1 euro=4.6647 lei)