12.6 C
May 15, 2021

Asesoft acquires Flanco

Asesoft shareholders Iulian Stanciu and Sebastian Ghita have acquired majority stock of retailer Flanco, according to a press release. In the upcoming period, the new majority shareholders will inject EUR 4 M into developing the Flanco business. Within six months, the banks will get their EUR 10 M under the re-organisation plan. The Competition Council will be informed about the intention of the Asesoft shareholders to invest in New Flanco and the transaction will be carried out after obtaining CC’s opinion. The three companies where Iulian Stanciu and Sebastian Ghita will hold the majority shares – Flanco, eMag and Asesoft will operate separately, sharing only part of the shareholders. The Flanco brand will survive and the retail chain will follow its natural course of growth. The new shareholders’ structure will also include the banks financing Flanco – ING, Unicredit and BRD-GSG, together owning 40 per cent of the company.

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