TietoEnator acquires majority stake in Comnet

TietoEnator has acquired 50% of the shares in Comnet S.P.A. (Comnet).

  0 Be the first to comment

External

This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.

Right after the acquisition a new share issue will take place, after which TietoEnator will have 65% of Comnet's shares at its disposal. TietoEnator has an option to acquire the remaining shares. Comnet, which has 160 employees and 80 subcontractors, has technical administration and the development of systems for telecom operators as its chief business areas.

Comnet was founded in 2000 and has offices in Rome and Milan. Net sales is estimated to be just over EUR 12 million for 2005, and the operating margin (EBITA) around 10% for the same period. The company is owned by private individuals in corporate management, the principal owner being the CEO of Comnet.

Comnet chiefly supplies IT services to the telecom industry. Its biggest customers are Ericsson and Telecom Italia Mobile. Other customers can be found in the telecom operator field, the banking sector and the transport industry.

The purchase price for 50% of shares in Comnet S.P.A is around EUR 5 million, and the intention is to close the deal during November.

"The Italian market is important due to both its size and growth and the fact that Italian customers are quick to use new services. This acquisition represents an important milestone on our route from being the leading Nordic supplier to establishing a solid position in the European operator's market," says Ari Vanhanen, responsible for TietoEnator Telecom & Media.

"Comnet has excellent customer relations with important players on the Italian market. We know that the issue of outsourcing is gaining in importance for our key customers, and, as part of the TietoEnator Group, we will have the experience and expertise necessary to increase our customers' competitive edge," says Enrico Alloro, CEO of Comnet S.P.A.

Sponsored [New Impact Study] Catering to a new generation through unified card programmes

Comments: (0)

[Webinar] Money Mule Defence: Practical Applications and the Role of TechnologyFinextra Promoted[Webinar] Money Mule Defence: Practical Applications and the Role of Technology