IT and telecoms funder Econocom has finalised
agreements with French banking giant Société Générale related to
the acquisition of IT lessor ECS.
Econocom entered into exclusive negotiations in
July this year and the two parties have now signed the share
purchase agreement. Econocom has also signed the final financing
agreements with a banking pool headed up by BNP Paribas Fortis and
ING.
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The Board of Directors of Econocom Group
ratified the payment of €30m to Société Générale, from a total
acquisition price €210m, on 28 July. The closing of the deal is
still subject to approval by the European competition authorities,
and is expected to take place by the end of October.
The completion of the transaction could make
Econocom the leading European independent IT and telecom
infrastructure management group, with nearly 4,000 employees and
revenue of €1.6bn.
Jean-Louis Bouchard, who is Chairman of Econocom
Group, as well as the founder of ECS, said: “I am particularly
proud of this transaction, which means a great deal to me
personally.
“Naturally, I would also like to pay tribute to
the teams that have worked on the project and brought it to
fruition.”
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By GlobalDataThe structure of the new organisation will be
announced on 10 January 2011.
