logo
Share SHARE
FONT-SIZE Plus   Neg

Imtech To Buy AE Arma-Elektropanç To Create Extra Growth Potential

Imtech N.V. (IMTEF.PK) announced the acquisition of the Turkish technical services provider AE Arma-Elektropanç.

Imtech said it will initially acquire 80 percent of the shares with the remaining 20 percent being acquired in the future. The initial acquisition price amounts to almost five times the EBITA and will be paid in cash. The company added that the acquisition contributes directly to the earnings per share and will enable it to acquire a strong position in Turkey as well as a stepping stone in emerging markets such as the Middle East, Russia and various former Soviet Republics.

René van der Bruggen, chief executive officer of Imtech, stated, "This acquisition is a huge leap forwards for Imtech. In our 2015 growth strategy (objective: revenue level of 8 billion euro), we have committed ourselves to strengthening our position in countries new to Imtech, such as Turkey. The AE Arma-Elektropanç acquisition will help us achieve this goal. Under Imtech's robust financial wings, AE Arma-Elektropanç will be able to grow further. As an extension of the AE Arma-Elektropanç activities, in time further acquisitions in these countries will also be possible. This new acquisition enables us to create extra growth potential."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
General Motors (GM) announced on Wednesday that it has been approved to voluntarily delist from the Toronto Stock Exchange. The auto giant reassured its shareholders that the TSX delisting will not impact its current listing on the New York Stock Exchange. Subsequent to the bankruptcy filing of German no frills airline Air Berlin (AIBEF.PK), Lufthansa airline is strongly pursuing to acquire Air Berlin. Meanwhile, Ryanair, its Irish rival, accused conspiracy in the deal and said that the acquisition move will breach the existing competition rules in Germany in general and EU in particular. The Royal Bank of Scotland plans to cut 880 jobs from its IT department in London by 2020, a UK labor union reported. Britain's Unite union claimed on Tuesday that the bank informed its staff about a further 40 percent cut of permanent IT jobs, which is said to be part of ongoing deep cost-cutting at the taxpayer-owned bank. The bank also plans a 65 percent reduction of contractors.
comments powered by Disqus
Follow RTT