BITTNET SYSTEMS S.A. (referred to as the “Company” / “Issuer” / “Group”) informs investors and interested parties about the signing of a contract (the SPA) for sale of the shares held in Elian Solutions SRL (part of the Digital Platforms pillar of the Bittnet group).
The transaction price is in amount to 6 million EUR (approx. 31.4 million RON) for 100% of Elian Solutions, together with the subsidiary Elian Development Systems. The price will be adjusted according to the customs in this type of M&A transactions. The Issuer will receive, upon signing the closing certificate, the amount of 3.3 million euro related to its 61.68% stake in Elian and a difference of approx 367 thousand euro in March 2027. By selling its holding in Elian, Bittnet achieves an IRR (internal rate of return) margin of over 40%.
The buyer is the Latvian company Digmatix AS, a leading provider of Microsoft Business applications and advanced IT solutions serving customers in the Central and Eastern Europe region, especially in the SME market segment.
The sale of Elian falls within the Group’s announced strategy to capitalize on the assets in its portfolio. The funds obtained will be redirected to carry out BNET share buybacks programs and/or dividend distributions to the Issuer’s shareholders.