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Provider: Reuters Investment Profile

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Restamax Oyj to buy majority of Staff Invest Oy's labor hire service operations

Tuesday, 8 Jul 2014 03:00am EDT 

Restamax Oyj:Restamax and Staff Invest Oy have signed contract of sale by which Restamax or its wholly-owned subsidiary will purchase Staff Invest Oy labor hire service operations and also certain shares of Staff Invest Oy's subsidiaries that provide labor hire services.Object of corporate acquisition comprises about 75 pct of all Staff Invest group's business operations.Restamax will pay a total sum of about 7.7 mln euros of the Staff Invest labor hire services and shares of subsidiaries included in sale.Sum will be adjusted with difference of current assets and borrowed funds of subsidiaries in accordance with financial statements of July 31.Purchase price will be paid in cash.About 7.0 mln euros of purchase price will be paid on date of transferring operations and ownership, and 0.7 mln euro will be paid in 24 equal monthly installments after transfer of operations.Final purchase price will be determined based on financial statements issued on July 31 no later than on Dec. 31, by which date difference between current assets and borrowed funds of companies will also be paid to vendor in accordance with companies' financial statements of July 31.If Extraordinary General Meeting approves and confirms acquisition, operations and ownership will be transferred on Aug. 1, and operations will from then on be included in Restamax Group and reported as separate segment. 

Company Quote

-0.04 -1.13%
19 Dec 2014