Lleida.net's General Shareholders' Meeting approves the acquisition of Indenova with more than 98% of the votes
Lleida.net's General Shareholders Meeting, held in Madrid on November 29, 2021, approved the acquisition of Indenova, a tech company, with overwhelming support from 98.44% of shareholders. The transaction, valued at 7.1 million euros, includes assuming 1.6 million euros in existing debt. This acquisition is expected to enhance Lleida.net's growth, projecting an EBITDA increase of 3.79 million euros, and a combined turnover of 19.72 million euros. Payments will be made over four years, with initial cash payments totaling EUR 4 million.
- Acquisition of Indenova expected to enhance growth and profitability.
- Projected EBITDA growth of 3.79 million euros post-acquisition.
- Combined turnover estimated at 19.72 million euros.
- Acquisition backed by 98.44% of shareholder votes.
- The acquisition involves assuming 1.6 million euros in existing debt.
- The payment structure over four years may strain cash flow.
MADRID, Nov. 29, 2021 /PRNewswire/ -- Lleida.net's (BME: LLN) (OTCQX: LLEIF) (EPA: ALLLN) General Shareholders Meeting approved today the purchase of Indenova, a tech company whose acquisition was announced last October 27th.
Lleida.net's investors, led by its main shareholder, Sisco Sapena, and gathered in Madrid, voted overwhelmingly in favor of the transaction.
The decision was backed by 98.44 percent of the shareholders present at the meeting and will be effective immediately.
The acquisition entails an investment of 7.1 million euros. As part of the transaction, Lleida.net will assume an existing debt of 1.6 million.
"The purchase of Indenova represents a step forward in Lleida.net's growth objectives for the next years, and I am sure it will be profitable from the first moment," explained Sisco Sapena, CEO and founder.
With this operation and the aggregate data for 2020, Lleida.net EBITDA would grow over 3.79 million euros. As a result, the combined turnover of both companies will amount to approximately 19.72 million.
The acquisition will be paid in five stages over four years. In an initial step, a cash payment of EUR 4 million will be made, followed by a second cash payment of EUR 1.578 million at the end of 2022. The remaining payments will be made in Lleida.net shares.
The transaction will be financed by bank loans already granted in the third quarter at a weighted interest rate of Euribor plus
Indenova's current COO, Jordi Gisbert, becomes COO and Executive Director of the subsidiary.
Lleida.net plans to continue with its plans to identify and negotiate potential acquisitions of companies that can add value to its inorganic growth plans.
Lleida.net's Acquisitions Committee, with the assistance of Bondo Advisors, has been working since early 2021 to identify and purchase companies that can complement its mission and strategic business objectives.
Lleida.net is the European leader in the registered electronic notification, signature, and contracting industry and is listed in Spain, France, and the United States.
Its technology has received more than 200 patents from 63 countries on five continents, and its intellectual property portfolio is one of the most important in the industry worldwide.
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SOURCE Lleida.net
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