Polish software heavyweight Asseco Poland has sold up 18.18 million shares, representing 21.9 percent of the company, to Pan-European broadcaster Cyfrowy Polsat and Reddev Investments Ltd., an entity controlled by Cyfrowy Polsat's majority shareholder Zygmunt Solorz.
Poland-headquartered Cyfrowy Polsat claims to be the fifth-largest direct-to-home (DTH) digital telcoms platform in Europe, and the largest in central and eastern Europe.
Meanwhile, Rzeszów-based Asseco Group claims to be the sixth-largest software provider in Europe and Poland's largest IT company.
Asseco Group marked its FY2018 with revenues exceeding PLN 9.3bn (€2.18bn) for the first time in its history. Operating profit also shot up 36 per cent year on year to PLN 796.8m.
However, for the first three quarters of 2019, Asseco Poland's home market saw revenues decline 8.5 per cent year on year to PLN 893.8 m (€209.98m).
Operating profit for the segment was also down 27.4 per cent to PLN 125.6m (€29.51m).
The settlement of the transaction and transfer of ownership of shares completed earlier this week, on 30 December.
Asseco CEO Adam Góral (pictured) together with Cyfrowy Polsat will have the largest block of shares in Asseco's capital - approx. 33 per cent.
Góral will maintain responsibility for the group's strategy.
Zygmunt Solorz, the main shareholder of Cyfrowy Polsat, said that the companies do not intend to merge, but share offerings in "advanced telecommunications and IT services".
"It will be an additional opportunity for both companies to develop and build a competitive position in the economy based on modern technologies," he added.
Some say performance, others say money but it may be systems and processes that carry the day
Activist investor's self interests are not aligned with shareholders, HP claims
Having surpassed half a billion euros in its last financial year, the security VAD is pouring its resources into its MSP arm
HP shareholders will be 'better served' by a new director line up, claims Xerox CEO