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