Local IT companies acquire European IT company
Posted on December 23rd, 2009
The Philippine’s PhilWeb Corporation, together with the ISM Communications Corp., will be acquiring a controlling stake in Acentic, a European information technology company. The two companies, in their disclosure to the Philippine Stock Exchange (PSE), said that they made a deal with a private equity firm based in United Kingdom to acquire 65% stake in Acentic. The companies said the shares would be bought for P1.3 billion or 19.5 million Euros. Both PhilWeb and ISM Communications expected the deal to be closed on January 11.
The two local companies, ISM Communications and Acentic, will be having equal shares in the acquisition of Acentic, while the remaining shares will be held by Niantic Holdings.
Acentic is an established international provider of information technology services to known hotels and hospitals. It provides digital television services and high-speed Internet access to hotel chains like the Intercontinental Hotel Group, Hilton, Hyatt, Accor and Marriot.
The companies’ disclosure to PSE reads, “Acentic is the perfect fit to the information technology and telecommunications business of ISM as well as the gaming expertise of PhilWeb. The entry of PhilWeb and ISM in Acentic will enable Acentic to grow its predominantly European market to include the Asia-Pacific region, the fastest-growing hotel market in the world. For this purpose, it is the intention of PhilWeb and ISM to organize and launch Acentic Asia to take advantage of the rapidly growing Asia-Pacific market.”
With PhilWeb participating in the acquisition of Acentic, the company would increase its business prospects beyond the Philippine market.
