The two parties agreed on the terms of the sale-purchase contract and the takeover will be carried out in two stages. The first stage consists in Bittnet’s participating in the share capital increase of Gecad Net SRL. In August, Bittnet will operate a private placement of corporate bonds in order to fund the acquisition of all shares in the second stage.
The transaction is expected to be completed on September 30, 2017.
Bittnet Systems is controlled by brothers Mihai and Cristian Logofatu.
Gecad Net is held by entrepreneur Radu Georgescu and specializes in providing IT solutions.
The acquisition of Gecad Net will enable Bittnet Systems to complete its portfolio with Autocad software solution and Kaspersky antivirus.