Slovenia's Iskra takes over majority stake in Croatia's ELMAP - report

The deal was signed in Split by Iskra’s CEO and majority owner Dusan Sesok and ELMAP majority owners Ljubomir and Jasminka Bozikovic, website Tportal reported.

By the time this story was published, Iskra and ELMAP had not responded to an email by SeeNews seeking confirmation of the deal.

Despite the difficulties in the global markets and the indications of a recession in Europe, Iskra Group ended 2023 with almost 300 million euro ($325 million) in consolidated revenue, Sesok was quoted as saying.

ELMAP specialises in the automatisation of water treatment plants, water supply systems, electrical energy, and infrastructure systems.

This is Iskra's third acquisition in Croatia after it took over the Sibenik repair shipyard in 2019, which now operates as Iskra Shipyard, and cable producer Elka in 2021.

($ = 0.924 euro)