Sage acquisition of majority shareholding in Elit Group

BSE | NSE 09/02/12

The Sage Group plc ("Sage") has acquired approximately 51% of the share capital of Elit Group ("Elit"), listed on Euronext. Elit is a leading vendor of business management software for the transport and food distribution sectors in France. Sage purchased the shares for a price of 7 Euros per share. The purchase consideration for these shares is approximately £10.8m, to be paid in cash.

As a result of this transaction, and as required by French regulations, Sage will make an offer to the remaining Elit shareholders to acquire all outstanding shares.

With 3,000 customers, Elit is a leading vendor of business management software for medium-sized businesses in the French transport and food distribution sectors. Elit's revenues for the year ended 30 June 2005 were £18.4 million*, with an operating loss of approximately £0.5 million*.

Paul Walker, Sage Chief Executive, comments, "The acquisition of a controlling interest in Elit represents a further exension of our range of industry-specific business management software. Elit's advanced mid-market solutions for the French transport and food distribution sector complement our existing C2G business, acquired in 2005."

 

Sourced From: ConnectComm