April 15 (SeeNews) - Romania’s Autonom, a short term mobility service provider, said on Friday it received authorisation from the Competition Council to take over Tiriac Operating Lease, thus completing the acquisition.
The value of the transaction will be 11.2 million euro ($12.1 million), representing Autonom's own sources, the net financial debt of Tiriac Operating Lease amounting to 35.8 million euro, Autonom said in a filing with the Bucharest Stock Exchange. Tiriac Operating Lease's assets totalled over 48.9 million euro in 2021, it added.
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"Through this step, Autonom will increase productivity and turnover, strengthen its position on the operational leasing market in Romania and significantly exceed the threshold of 10,000 cars," it commented.
Tiriac Operating Lease’s customer portfolio and 2600-car fleet will be taken over by Autonom as part of the transaction.
The integration of the team and client portfolio of the purchased entity will proceed as soon as the transaction has been completed, it added.
In late January, Autonom said it signed an agreement to acquire 100% of the share package held by Molesey Holdings Limited in the share capital of Premium Leasing SRL, operating under the brand name Tiriac Operating Lease.
Founded in 2003, Tiriac Operating Lease carried out the operational leasing activity and fleet management activities within the Tiriac Group, for approximately 9,000 vehicles, in over 4,500 contracts.
Tiriac Operating Lease reported annual revenues of over 19.3 million euro in 2021, acording to Autonom's bourse filing.
Tiriac Group is controlled by professional tennis player-turned-businessman Ion Tiriac and brings together more than 40 local private companies, operating in the following main sectors: automotive, real estate, financial services, air transportation and energy.
Earlier in January, Romanian lender Banca Transilvania announced the acquisition of Tiriac Leasing IFN from Molesey Holdings Ltd and Hyundai Auto Romania.
Founded in 2006 in Piatra Neamt by entrepreneurs Marius Stefan and Dan Stefan, Autonom Services is part of Autonom International group which has over 500 employees and operates a fleet of over 9,000 cars. According to a financial report published on the company website, Autonom recorded 12.5 million lei ($2.73 million/2.53 million euro) profit in the first half of 2021, a 200% increase from the same period of the previous year.
(1 euro = 4.94 Romanian lei)