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ICT Automatisering NV To Merge With Brandfort

Tuesday, 23 Jul 2013 08:00pm EDT 

ICT Automatisering NV (ICT) announced that it has entered into an agreement with the shareholders of Brandfort B.V. (“Brandfort”), which, subject to certain conditions such as a mutually satisfactory outcome of due diligence and ICT shareholder support, will result in a merger of ICT with Brandfort. Brandfort is a company privately held by Mr. Jan Brand, active in the field of mechanical and software development in the Benelux. The transaction will create a software and engineering combination (the "Combination”) with an annual turnover of over EUR 100 million and over 1,000 technical staff. The transaction will be structured as an exchange of shares in which ICT acquires all of the shares in Brandfort for newly issued ICT shares representing 27% of the outstanding shares post-closing; existing ICT shareholders will own 73% of the outstanding shares in the enlarged entity. The Combination will have a committed cornerstone shareholder in Mr.Jan Brand indirectly owning 27% of the outstanding shares, who is supportive of the strategic ambitions of the Combination and will assume an advisory role. Closing of the transaction is anticipated by the end of 2013. 

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