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Asseco becomes the new IT giant as it acquires Prokom

2007-09-13 00:00
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2007-09-13 00:00
The total value of the transaction is estimated at zł.700 million. "We want to conclude the merger by April 2008. Prokom has enormous potential. We know how to use it to the benefit of the Asseco group," said Asseco's CEO Adam Góral.

Stock investors were not pleased with the news and Asseco shares dropped 17%, as they believe zł.700 million for 23% stake is far too much as it values a Prokom share at zł.200 while currently their price stands at zł.130. "I do not agree with the analysts, but I believe that the price is high. We can still negotiate, but I am sure that Asseco will return the invested funds quickly thanks to the potential of Prokom," said Góral. He added that the move was to prevent a foreign company from buying into Prokom and indirectly into Asseco, as he believes Asseco is capable of becoming a Polish-owned global corporation. (Rzeczpospolita, p. B1; Parkiet, pp. 1,2,3; Puls Biznesu, pp. 1, 4-5) M.M.


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