DataDesign AG to buy Brokat unit - Bloomberg

DataDesign AG to buy Brokat unit - Bloomberg

Bloomberg is reporting that DataDesign AG has agreed to buy the "electronic financing" unit of insolvent Brokat for an undisclosed sum.

In a statement to the Frankfurt Stock Exchange, DataDesign also reports its intent to sell 1 million new shares to an un-named strategic investor and to increase its capital by 614,000 shares.

DataDesign recently partnered with German electronics company Siemens in an initiative to create an Internet banking platform.

Brokat initiated insolvency proceedings in November after talks with bondholders to restructure debt failed.

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