Online investor relations specialist EquityStory is acquiring Deutsche Gesellschaft für Ad-hoc-Publizität (DGAP), a business established by Deutsche Börse, Reuters and vwd Vereinigte Wirtschaftsdienste to provide electronic distribution of ad-hoc disclosures.
DGAP was set up by the three partners in March 1996 to introduce electronic distribution for ad-hoc disclosures in Germany. DGAP also publishes corporate news, directors' dealings, and press releases.
The firm now provides services to around 800 issuers in Germany and abroad and employs eleven staff. DGAP generated sales of around EUR2.5 million in fiscal 2004.
Financial terms of the deal were not disclosed. The transaction is expected to be concluded by the end of the year.