The acquisition of a 51% stake in INTRACOM TELECOM by Concern SITRONICS was announced today
Today, during an Extraordinary General Meeting, the new Board of Directors of INTRACOM HOLDINGS has been elected. The new Board of Directors has nine (9) members: Socrates Kokkalis, Constantinos Dimitriadis, Dimitrios Klonis, Constantinos Antonopoulos, George Anninos, Stilianos Zervopoulos, Nicholaos Lambroukos, and independent non-executive members Anna Pouskouri-Reiche and Dimitrios Hadzigrigoriadis. The Chairman of the BoD Mr. Kokkalis personally thanked the members of the previous Board of Directors, who will assume important roles within the Group, Athens Information Technology, and Kokkalis Foundation.
Next, Mr. Kokkalis referred to the importance of the agreement with the SISTEMA Group, in enlarging the activities and strengthening the international role of INTRACOM HOLDINGS. Mr. Kokkalis commented on today's official announcement of the acquisition of a 51% stake in INTRACOM TELECOM by Concern SITRONICS for approximately €120 million (that corresponds to a total enterprise value -EV- of €440 million approximately, that includes total debt). He emphasized that this agreement will have an especially positive impact on the strategic plans and the dynamic, international development direction of INTRACOM HOLDINGS Group.
Since its inception, INTRACOM HOLDINGS Group has had an international orientation, aiming for a leading position in international markets. The agreement with SITRONICS strengthens the Group's plans to achieve a dynamic international presence. INTRACOM HOLDINGS Group decided to cooperate with the Russian Group because of SISTEMA's leading international role, its strong financial standing, its potential to support R&D programs, and its ambitious development plan for European, Asian, and American markets.
SITRONICS, as the technology arm of SISTEMA Group, will include INTRACOM TELECOM into its broader "infocommunication" program that operates in all the countries in which the company is active. SITRONICS has a full range of advanced technology products and high quality services that can support the expansion of activities beyond Eastern Europe. The synergies that result from the two Groups' activities will significantly enrich INTRACOM HOLDING's international prospects.
Through its substantial achievements, INTRACOM HOLDINGS Group has demonstrated its leading position in the broad geographical markets where it operates. Mr. Kokkalis said that he is very optimistic about the future and emphasized that the cooperation with SISTEMA group will continue, as there are prospects for additional ventures, that will be announced in due time.
INTRACOM SA was founded in 1977, has been listed on the Athens Stock Exchange since 1990, and is included in the FTSE/ASE-20 LargeCap index. On December 2005, the Group reorganized, creating INTRACOM HOLDINGS, one of the largest Greek multinational holding Groups, active in telecommunications, e-government, banking and enterprise, defense electronic systems, and construction. The Group's major subsidiaries are: INTRACOM TELECOM, INTRACOM DEFENSE ELECTRONICS, INTRACOM IT SERVICES, INTRAKAT and H.O.L. INTRACOM HOLDINGS Group has 5.450 employees, exports to 60 countries, and operates subsidiaries in 16 countries.