LONDON, UK: Eurowag has entered into an settlement to purchase the remaining 30% fairness curiosity in Sygic a. s. for a complete consideration of €14.4 million, payable in April 2024.
In April 2019, Eurowag acquired a 70% fairness curiosity in Sygic with a predetermined put and name option mechanism on the remaining 30% minority curiosity in April 2024.
This acquisition expanded Eurowag’s capabilities and added new technology and tools, such as navigation services and software, to the Group’s built-in solution offerings.
Eurowag has reached an settlement today, which will allow the Group to take full administration of Sygic’s resources, with the consideration for the 30% fairness curiosity to be payable in April 2024, in line with the unique option agreement.
Under the earlier shareholders agreement, the minority shareholders had sure rights pertaining to the application of Sygic’s resources inside the Group.
Having full administration of Sygic will present Eurowag with unrestricted entry to Sygic’s resources and permit it to fully utilise Sygic’s digital experience and people capabilities.
This, in turn, will allow Eurowag to speed up its digital gross sales channel and built-in product initiatives by utilising Sygic’s capabilities extra efficiently throughout Eurowag’s whole vary of mobility solutions.
In line with calculation under the unique option structure, the early option consideration of €14.4 million consists of €10.8 million for the 30% minority interest and €3.6 million for the present net money attributable to minority shareholders and anticipated accumulated money till April 2024 due to minorities.
Eurowag will be buying the remaining 30% from various minority shareholders together with QQ Capital SE (investors together with Michal Stencl1), Pasanote Capital (investors together with Jan Sameliak1) and others. As Michal Stencl and Jan Sameliak are each Directors of Sygic, the Transaction is a smaller associated party transaction for Eurowag, falling inside LR11.1.10 R.
Martin Vohánka, Founder and CEO, commented: “We have been working efficiently with Sygic and its administration team since early 2019. The ambition then was so as to add their location-based merchandise and services to our rising suite of mobility solutions.
Our strategic focus has evolved, and we’re now constructing a digital platform the place our customers will have entry to all our options through a single channel. The full consolidation of Sygic is the subsequent logical step to obtain our ambition and fully utilise their technology experience and skill sets.
We are additionally happy to have Martin Strigač, CEO of Sygic, becoming a member of our Executive team as Chief Product Officer, the place he’ll be fundamental in serving to us construct our digital platform.”
Eurowag was based in 1995 and is a number one pan-European built-in funds & mobility platform focused on the CRT industry.