The COR-SocGen negotiates the sale of ECS Belgian Econocom
Societe Generale announced Thursday that entered into exclusive negotiations to sell its Belgian subsidiary ECS group Econocom.
The offer values the shares ECS 210 million (including dividend for 2009 due to the seller), of which 30 million would be financed by a share issue underwritten by Econocom SocGen.
After the transaction, Societe Generale would become a shareholder of Econocom by 9%.
ECS specializes in the management and piloting information systems.Present in 17 countries including Western Europe and East, Morocco, the United States and China, employing over 1,500 people in 2009 and achieved a turnover of 840 million Euro.
"This will allow the new entity to make a breakthrough in the IT services market concentration, where size is a strategic issue," said the SocGen said in a statement.
Econocom, specializing in the management of IT infrastructure and telecom companies, employs 2,300 people and achieved a turnover of 759 million euros in 2009.
Completion of the transaction will be subject to approvals from competition authorities.
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