Jul 01
Computer: Econocom bought ECS
Societe Generale and Econom announced Thursday they entered into exclusive negotiations for the acquisition of ECS Group specializes in managing and steering systems of information, the group Econonom.
The offer of this year, specializes in the management of infrastructure and telecom companies, valuing the securities ECS 210 million, the dividend 2009. The transaction will be financed by a particular acquisition debt of 120 million euros. Following the transaction, Societe Generale will own 9% of ECS and "remain a privileged partner" the bank wrote in a statement.
The group Elitegroup Computer Systems (ECS), currently owned 100% Societe Generale, is present in 17 countries, mainly in Europe, and has 1,500 employees.In 2009, it achieved a consolidated turnover of 840 million euros and EBITDA of 28.1 million euros.
Becoming number one
The operation "is a genuinely unique opportunity to strengthen Econocom very significant position in all its markets in Europe" said Jean-Louis Bouchard, president of the economic group in a statement. "We could be the first European group of independent management of technology infrastructure manufacturers and operators with the ambition to become number 1 mobility services to businesses," said he.
With nearly 4000 employees and a turnover of 1.6 billion euros, the new entity would have "the skills and means" according to Jean-Louis Bouchard.The statement said the group would benefit from strong complementarities and the reconciliation process would be facilitated by "the cultural closeness of the teams, and ECS Econocom having the same founder, Jean-Louis Bouchard.
At the Paris Bourse, the Société Générale loses 2.70% to 33.375 euros on a market down 1.90%.
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