Elefant Online SA, the company that owns online retailer elefant.ro, will have the following shareholding structure:
evoMAG: 69%
Axxess Capital: 28%
Shares owned by Elefant on its own behalf: 3%
The transaction will be considered finalized only under conditions of approval by the Competition Council. The file is to be submitted in the following days. The value and structure of the transaction have not been disclosed.
“evoMAG is already the largest vendor in the Elefant marketplace, and between the two companies there are important synergies that support the development of both retailers in parallel. At the same time, the eCommerce market in Romania , which has reached maturity, with over 50% of the inhabitants already familiar with online shopping, needs strong competitors. That’s why we considered that a consolidation of the two operations will be beneficial both for EvoMag and elefant.ro, as well as for Romanian eCommerce users,” said Mihai Ispas Patrascu, founder and CEO of online retailer evoMAG.
After taking over the shares held by Fribourg Investments, evoMAG aims to consolidate the operations of the two companies in the future.
Elefant.ro is one of the largest online retailers in Romania, with over two million customers, a Marketplace where over 400 companies operate, boasting a portfolio of three million products.
Elefant Online announced on Thursday (May 11) on the Bucharest Stock Exchange, where it has a bond issue listed, that two of its shareholders, Millennium Gold Resources Limited and Catalyst Romania SCA SICAR, had signed an agreement transferring their 58.84% and 9.62% stakes, or 44 million shares, to Evolution Prest Systems. Confidas.ro shows that Evolution Prest Systems is 63.63% owned by Mihai Ispas Patrascu.