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."
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by RTT Staff Writer
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