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Skip Navigation LinksHome :: Markets/asset classes :: Equities :: IT firm Exorigo buys 33% stake in fiscal equipment maker Elzab, merger in pipeline.

Friday, July 4, 2008

IT firm Exorigo buys 33% stake in fiscal equipment maker Elzab, merger in pipeline.





IT firm Exorigo buys 33% stake in fiscal equipment maker Elzab, merger in pipeline. Polish provider of IT solutions for the retail industry Exorigo has acquired a 33% stake in listed fiscal equipment maker Elzab from the investment fund BBI Capital NFI in return for a 23.2% stake in Exorigo. By year-end, Exorigo and fiscal equipment provider Upos will hold a 65% stake in Elzab, the companies announced.  The transaction is the first step to integrate Exorigo, Upos and Elzab, said Paweł Dudziuk, Exorigo’s CEO and head of Upos supervisory board. He plans to transfer 100% stake in Exorigo and Upos in exchange for a new share issue of Elzab directed to Exorigo and Upos shareholders. The transaction should be completed by the end of the year. Following this, 100% stakes in Exorigo and Upos will be transferred to Elzab in exchange for a new share issue, which should result in the current shareholders of Exorigo and Upos holding a 65.2% stake in Elzab. BBI Capital NFI will hold an 8.6% stake in Elzab after the merger. The current Elzab shareholders will then have 26.2% of the new Elzab's shares. Exorigo and Upos, which have the same shareholders - Dudziuk and another individual investor Eugeniusz Pajączek, had a combined revenue of PLN 98.2mn (EUR 27.45mn) and net profit at PLN 10.8mn (EUR 3.02mn) in 2007.  Elzab's revenues last year reached PLN 55.77mn (EUR 15.59mn) with net profit at PLN 5.63mn (EUR 1.57mn).







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