April 4, 2018 / 2:41 PM / 6 months ago

BRIEF-Itway To Sell Turkish And Greek Cyber Security Product VAD Units To Cognosec

April 4 (Reuters) - Itway Spa:

* SIGNS EXCLUSIVE AGREEMENT WITH COGNOSEC TO SELL TURKISH AND GREEK CYBER SECURITY PRODUCT VALUE ADDED DISTRIBUTORS

* SIGNS TERMS OF AGREEMENT FOR SALE TO COGNOSEC OF 100% OF ITWAY HELLAS SL SA & ITWAY TURKYIE LTD

* TOTAL CONSIDERATION PAYABLE BY COGNOSEC FOR TRANSACTION WILL BE EUR 10 MILLION

* CONSIDERATION WILL CONSIST OF EUR 2 MILLION IN CASH AND EUR 8 MILLION IN COGNOSEC NEWLY ISSUED SHARES

* SALE OF VALUE ADDED DISTRIBUTION BUSINESSES IN GREECE AND TURKEY COMPLETES DIVESTMENT OF VAD BUSINESSES

* TRANSACTION IS EXPECTED TO CLOSE IN Q2 Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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