Poland’s Asseco IT to Take Over Israeli Formula Systems
Listed IT firm Asseco Poland will buy a 49.19% stake in Nasdaq-listed Israeli IT firm Formula systems for up to USD 145.3 mln from the firm's lead shareholder, Asseco Poland said in a market filing.
Asseco has also signed an option deal with a private investor from Formula Systems leadership which would allow the individual to put his/her 135,960 shares, a 1.03% stake.
The initial deal with Emblaze will give Asseco 49.19% of capital and 50.06% of votes. Realization of the put option would hike the stake to 50.19% or 51.18% of votes, a 6,823,602 share stake, Asseco said.
Formula Systems is a holding company listed on the Tel Aviv Stock Exchange and on Nasdaq.