According to the investment plan, Bittnet will buy 35% of the share capital of Servodata from Moore Czech Republic, for an estimated amount of EUR1.4 million. The amount will be settled in BNET shares in a future share capital increase operation
“The actual number of shares to be issued will be determined in accordance with the provisions of art. 210(2) of Law 31/1990 and art. 87-88 of Law 24/2017 on issuers of financial instruments and market operations and art. 174 of the FSA Regulation no. 5/2018. This valuation offers a multiple EV/EBITDA of 6.4x, which makes the payment with BNET shares advantageous for all parties involved, including existing Bittnet shareholders. (…) The transaction will be subject to approval at the general meeting of shareholders (both Bittnet and Servodata) and is subject to the successful completion of the due diligence process,” Bittnet said in a stock market report.
Bittnet is 25.4% held by the Logofatu brothers and has a market value of RON163 million.