Biggest software firm Asseco Poland signs letter of intent on Russian takeover.

By bne IntelliNews August 27, 2012
CEE's biggest software company Asseco Poland has signed a letter of intent concerning a purchase of a majority stake in an IT firm operating on the Russian market, according to the company's market filing. Under the letter, the transaction is to be realised in early October. The acquisition target specialises in software development and integration for the banking and financial sector. Its name has not been revealed. Earlier, Asseco Poland said it wants to decide on the Russian takeover by the end of June; in May, it said that it concluded the target's due diligence. In Q2 of 2012, Asseco Poland's net profit was PLN 90.7mn, i.e. well above market consensus. Its revenue grew by 22% y/y to PLN 1,393.0mn.

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