Asseco Poland, the largest IT and software firm listed on the Warsaw Stock Exchange, finally completed its acquisition of Prokom Software last week. The merged company will be called Asseco Poland.
"I believe the merger between Asseco Poland and Prokom Software will bring measurable benefits to our shareholders, investors, clients, partners and employees of both companies, whereas the management board of Asseco Poland will derive a lot of satisfaction from running one of the largest information technology companies in Europe," said Adam Góral, the president of Asseco Poland.
Domestic IT firm Prokom Software, which was previously part of the blue-chip WIG20 stock index, was delisted from the bourse at the end of March. Its place in the WIG20 was taken by Asseco Poland.
Prokom's listing on the WSE was suspended at the request of its management. The firm applied to the WSE on March 27 to suspend trade and the final shares were traded the following day.The Polish Financial Supervision Authority announced that it had no reason to prevent the merger of Asseco Poland and Prokom Software.
Asseco will issue special stock to replace those held by Prokom shareholders. They will receive 1.82 new shares for each Prokom share. The first shares of the merged company will be available sometime after mid-April.
Due to the acquisition, the working capital of Asseco increased to zł.19.85 million. Asseco also regained control over 3.2 million shares of its own stock - a 24.99-percent stake - which had previously been controlled by Prokom Software.
Góral expects to reach zł.250 million net profit on revenues of zł.3 billion in 2008. In 2007, Asseco Poland had zł.163.43 million in net profit and zł.1.3 billion in revenues. Prokom Software earned a zł.258.8-million net profit on revenues of zł.1.9 billion last year.
