South-African group Naspers, a media conglomerate with 1.4 billion euros in annual turnover, which indirectly holds a stake in Facebook social network, has acquired from businessman Radu Georgescu the majority stake in GeCad ePayment, the first provider of e-commerce solutions for Romanian online stores, which was launched in 2004.
Radu Georgescu sold an 83% stake in GeCad ePayment International, retaining 17% and his spot in the company's managing board. The acquisition was made by e-commerce group Allegro in Poland, controlled by Naspers.
Prior to the deal, the Avangate division, an international provider of solutions and services for electronic software distribution, was split off from GeCad ePayment. The 2009 results of GeCad ePayment - 2.4 million-euro turnover and 0.7 million-euro gross profit, also include ePayment operations and a part of Avangate's business. Under the circumstances, the deal could be worth several million euros. Radu Georgescu did not wish to provide details on the value of the deal or on ePayment's results, only saying that the company was making profit. "The value of the deal was a strategic one. It was not a sale based on EBITDA multiples because this technology suited Allegro's regional development plans perfectly," Radu Georgescu told ZF.
GeCad worked on the deal with lawyers of CMS Cameron McKenna SCA and with PricewaterhouseCoopers on the audit and financial segment.
South-African group Naspers, a media conglomerate with 1.4 billion euros in annual turnover, which indirectly holds a stake in Facebook social network, has acquired from businessman Radu Georgescu the majority stake in GeCad ePayment, the first provider of e-commerce solutions for Romanian online stores, which was launched in 2004.
Radu Georgescu sold an 83% stake in GeCad ePayment International, retaining 17% and his spot in the
