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Bulgarian provider of mobile services Allterco said on January 4 it has completed the first phase of the acquisition of Slovenian IoT provider GOAP, becoming the owner of a 60% stake. The company has agreed to pay €2mn for the stake.
“With the acquisition, Allterco intends to expand its technology portfolio and thus extend its product offering for both customers and professional users,” the company said in a statement on the website of the Bulgarian Stock Exchange.
The remaining 40% stake belongs to three individual shareholders. Allterco intends to bid for that stake too and has already signed an option agreement for the sale.
“Under the Option Agreement Allterco will have unconditional call options and the selling shareholders will have conditional put options on two packages of shares (the exercise of each of the sellers' options is conditional upon the achievement of certain minimum criteria of KPI, Ebitda and revenue within the period 2023-2025),” Allterco noted.
Allterco’s consolidated sales of IoT devices and related services jumped by 55% y/y to BGN37.8mn in January-September.
Allterco started trading on the regulated market (XETRA 2) of the Frankfurt Stock Exchange in November 2021, after it IPO'd on the Bulgarian Stock Exchange back in 2016.
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