April 7 (SeeNews) - Romanian IT group Bittnet Systems [BSE:BNET] said that it signed an agreement for the full takeover of local IT&C equipment, solutions and services provider 2Net for 6.3 million lei ($1.4 milion/1.3 million euro).
The deal is part of Bittnet's plan for M&A transactions, through which the group aims to consolidate its presence in both classic IT&C integration activity and cybersecurity area, the group said in a press release on Wednesday.
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The agreed transaction is pending approval by the Competition Council.
"Once the transaction is completed, we will consolidate our presence in central Romania, and we will have access to international clients operating in the counties of Brașov, Covasna and Harghita," Bittnet Group CEO Mihai Logofatu said.
The acquisition of 2Net is made entirely by Dendrio, a company of Bittnet group, which will take over also a shareholding loan worth 1.2 million lei. 2Net will also be integrated into the Cloud and Infrastructure business group within the Bittnet Group Technology Division.
2Net was founded 25 years ago in Brasov and is specialized in providing products, solutions, and technologies, integrated IT&C services, voice networks, data and control access. In 2021, 2Net booked a net profit of 1.4 million lei, EBITDA of 2 million lei and revenue of 25 million lei.
Bittnet was founded in 2007 in Bucharest by Mihai and Cristian Logofatu as a training and IT solutions company. Today, Bittnet is a group of IT companies. In March, Bittnet Group announced that it signed an agreement for the full takeover of IT&C integrator Toptech for 12 million lei.
Bittnet's shares traded flat at 0.3170 lei on the Bucharest Stock Exchange as at 1008 CET on Thursday.
(1 euro=4.9447 lei)