Warsaw (Puls Biznesu) – The merger of Computerland and Emax was welcome by specialists. The merger may bring up to PLN 25m (EUR 6.4m) of savings, analysts believe.
Two IT companies, Computerland and Emax, which announced their plans to merge, enjoyed investors’ attention yesterday and were rising even 8.8 percent and 9.8 percent during the day.
“It is natural. But this is a short-time effect. In the middle-term everything will stabilize and investors will be waiting to see the synergies. The two companies have no experience in running so big mergers”, Wlodzimierz Giller, DB Securities analyst commented.
Tomasz Sielicki, the president of Computerland group, believes that the merger should allow to reduce costs by 3-5 percent. For the two companies costs would be about PLN 500m, so they could save up to PLN 25m annually. With over PLN 1.2 billion of sales in 2005, Computerland and Emax group will be Poland’s second largest IT company, after Prokom. The new entity will also be a leader as far as energy projects are concerned.
The merger will last till July 2007. First, Computerland will buy 33 percent of Emax for PLN 61m from BBI Capital. Then, it will increase the stake to 64.9 percent. Then, it will announce a tender to get 66 percent in Emax.
(PLN 1 = EUR 0.254)