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Deutsche Börse seeks entory takeover

30 November 2001  |  3554 views  |  0 "picture"

Deutsche Börse is planning to acquire IT service provider entory in a bid to expand its financial information technology business.

The Exchange is looking to combine the operations of its IT subsidiary Deutsche Börse Systems with entory and take over the company through the purchase of shares. The IT service provider has projected sales of some 100 million euros for the year 2001 and a staff of 400 employees. The merger will create one of the biggest German IT providers of integrated solutions for the financial services industry, claims the Börse.

Deutsche Börse's systems segment contributed about 20 per cent (103 million euros) to group sales during the first nine months of 2001. Combining entory and Deutsche Börse Systems will raise the share of external IT sales to more than 50 per cent and diversify the service portfolio, says the Exchange. Entory will add its component-based solutions to the business and extend the company's services to large-scale projects.

Michael Kuhn, chief executive officer of Deutsche Börse Systems and the Deutsche Börse board member responsible for the systems division, says: "In addition, entory is bringing a strong sales team as well as established business relationships."

The executive board and principal shareholders of entory, who together hold the majority of shares in the company, have agreed to the transfer of their shares to Deutsche Börse. For the remaining shares of entory, the Exchange will tender a private offer to the other 340 shareholders. The offer will run from November 30 to December 14.

The transaction - with a volume of up to about 110 million euros - will be carried out against cash payment and is partially performance-linked. It is subject to acceptance of entory shareholders representing a minimum of 95 percent of the share capital as well as approval by the supervisory board of Deutsche Börse, expected to be forthcoming by mid-December.
KeywordsFINDEX

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