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Q Free ASA Acquires ELCOM d.o.o.


Thursday, 24 Oct 2013 02:55am EDT 

Q Free ASA announced that it has signed a Share Purchase Agreement (SPA) for the acquisition of the Serbian company ELCOM d.o.o. for EUR 1.3 million. The Traffic Management company ELCOM was established in 1994, employs 18 people and the main offering includes traffic centrals and traffic controllers for traffic lights, LED streetlights and system solutions for different traffic control applications based on own and third-party products. The company is expected to generate revenues of approximately EUR 1 million and an operating margin of approximately 10% in 2013. ELCOM will be consolidated into the accounts of Q-Free as of the fourth quarter of 2013. The share transfer in ELCOM will happen upon expiry of the notification period for the employees which is expected to take place within two weeks from the signing of the SPA. 

Company Quote

12.5
0.75 +6.38%
19 Sep 2014