Italy's SECO to buy Germany's Garz & Fricke for 180 mln euros (updated)
11/10/2021 16:34
(Combines previous stories, adds details and CEO quotes)
Oct 11 (Reuters) - Italian high-tech group SECO IOT.MI
said on Monday it had entered a binding agreement to buy German
Internet of Things (IoT) solutions producer Garz & Fricke for
180 million euros ($208 million).
The acquisition strengthens SECO's access to the German
market, boosts its customer base and broadens its product
portfolio, Chief Executive Massimo Mauri said in a statement.
The company added the deal - which will be funded with new
debt facilities, cash on balance and newly-issued SECO shares -
would create a group with expected revenues of over 180 million
euros and adjusted core profits of above 40 million euros by
2022.
SECO added Garz & Fricke would boost its earning per share
in the first full year after acquisition.
Mauri told Reuters the group aimed to make more acquisitions
in 2022.
"We are looking at the cybersecurity sector, especially in
the United States. It can be very complementary to our
solutions," he said in a phone interview. urn:newsml:reuters.com:*:nS8N2P3098
Mauri added around 50% of group revenues currently came from
abroad but that would rise to about 70% after the Garz &
Fricke's acquisition.
($1 = 0.8639 euros)
(Reporting by Elisa Anzolin, Federico Maccioni
Editing by Giulia Segreti and Mark Potter)
((Federico.maccioni@thomsonreuters.com; +48 58 7696595))