DistIT AB has entered into a share purchase agreement for acquisition of an 80% stake in Sominis Technology UAB, a leading distributor of PC, laptop, smartphone and tablet accessories and parts, headquartered in Vilnius, Lithuania.
Sominis Technology is basically engaged in selling products to other dealers on the European B2B market. It also sells consumer electronics products to a number of leading retail chains in the Baltic States, though on a smaller scale.
The purchase price payable on a debt-free basis for such 80% stake acquirable by DistIT in Sominis Technology amounts to EUR 1.2M. The acquisition is financed using the available cash funds, which therefore has a marginal effect on DistIT Group's equity ratio.
For the purchase transaction to be closed, certain conditions need to be fulfilled, including the requirement to receive the Lithuanian competition authority’s consent. DistIT has been receiving advice on all legal matters relating to the transaction from the Vilnius Office of GLIMSTEDT Law Firm. GLIMSTEDT team is led by Senior Associate Karolina Baronaitė-Birmontė.
"Approximately 80% of Sominis Technology’s sales are in Europe, and we believe that the potential for growth is good. Sominis Technology’s products complement DistIT’s offer, and Sominis will maintain the organization's profile and name in line with DistIT’s mission,” says Siamak Alian, CEO of DistIT.
"We have an ambitious expansion plan for the coming years and believe that DistIT’s infrastructure, skills and knowledge in the IT distribution business will help us to develop Sominis as a strong partner for our customers and suppliers," says Mindaugas Apanavičius, CEO of Sominis Technology.
20 % of Sominis Technology’s shares will be held by its founder and CEO who will stay in that capacity for the next 4 years. Sominis Technology will operate as an independent sister company to DistIT’s other subsidiaries, such as Aurora, SweDeltaco and Septon, to ensure synergy and coordination between them, including coordination of decisions regarding assortment and logistics.