TSS agrees to buy additional stake in Poland's Asseco
TSS, a Netherlands-based software group, bought a 9.99% stake in Asseco from Cyfrowy Polsat at the end of January and once the deal is completed it will own 20,618,892 shares, or a 24.84% stake in Asseco through its unit Yukon Niebieski Capital.
The deal, subject to regulatory approvals, was done for 85 zlotys a share, the same price as the one with Cyfrowy Polsat.
"The involvement of a significant European partner and industry investor will accelerate growth and enable further expansion of Asseco Group's business operations," Asseco said in a statement.
The Polish firm's CEO Adam Goral added that it will help it compete for bigger market share "in a time of increasing dominance by global software giants."
Goral's foundation, which owns a 10.01% stake in Asseco has signed a shareholder agreement with TSS, Asseco said.
According to the agreement, TSS will not exceed a maximum 27.96% stake in Asseco's share capital.
Asseco will stay a public company listed on the Warsaw bourse, with Adam Goral remaining at its helm.
($1 = 4.0478 zlotys)
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