Management of Romanian software company Siveco buys back 32.5% stake from investment funds [IntelliNews - Weekly Reports]
(IntelliNews - Weekly Reports Via Acquire Media NewsEdge) The management of Romanian software company Siveco has reached an agreement to buy back for USD 15mn the 32.5% stake sold earlier to investment funds Intel Capital and Enterprise Investor, Ziarul Financiar daily reported.
The agreement was reached in November 2013, the report said.
The two investment funds took over the 32.5% stake in Siveco nine years earlier for some USD 12mn [EUR 9.6mn].
Under the arrangement reached in November, Siveco's management will buy back the 32.5% stake through a special purpose vehicle [Siveco International] registered in the Netherlands.
The Romanian unit of Raiffeisen will lend USD 14.7mn to finance the deal. The management of Siveco, who also controls Siveco International, is formed by Irina Socol (17%), her husband Alexandru Radasanu (11.95%), Florin Ilia (4.2%), Aurora Crusti (0.21%) and Daniela Bichir (0.21%).
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