Grenke AG — M&A Activity 2001

Feb 8, 2001

News Details

Ad-hoc | 8 February 2001 07:41

Ad hoc-Service: Grenke Leasing AG english

Ad-hoc announcement precessed and sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– Baden-Baden, February 8, 2001 – GrenkeLeasing AG and Mauden SpA, Milan signed purchase contract – Expansion into the Italian market GrenkeLeasing and the previous shareholders of Mauden SpA, Milan signed a purchase contract on the complete takeover of the shares. This enables GrenkeLeasing to further expand its position as the market leader in the field of small-ticket IT leasing. In the year 2000, Mauden achieved a turnover of EUR 17.6m and earnings before taxes of EUR 180.000 (unaudited) through brokerage, services, and the renting out (leasing) of IT equipment in the B2B field. The company maintains three offices in Milan, Rome, and Venice. The previous management will continue to run the company’s two business segments “Brokerage” and “Leasing”, augmented by a member of GrenkeLeasing’s management team and two GrenkeLeasing staff members. Following execution of the acquisition, the subsidiary is to introduce the successful Grenke business model to the Italian market, a market previously only catered to by way of cross-border contracts. Mauden’s existing long-term contracts to renewed IT equipment manufacturers and dealers will play an important role in this connection. The acquisition will be effected at the beginning of March 2001. The acquisition price comes in two parts, a basic price payable on takeover of the shares and an limited “earn-out” component. GrenkeLeasing anticipates that the volume of new small-ticket IT leasing business will reach EUR 7m in 2001. According to Leaseurope, the Italian leasing market grew by around 61% per year from 1997 to 1999. GrenkeLeasing thus comes a step closer to achieving its strategic aim of assuming European market leadership in the field of small-ticket IT leasing. So far the company is represented in Germany, France, Austria, Switzerland, and the Netherlands (cross-border contracts). The Board of Management Contact Details: GRENKELEASING AG, Rheinstrasse 219, 76532 Baden-Baden Renate Hauss, Phone: +49 (0) 7221/5007-204 Email: investor@grenke.de, Internet: http://www.grenkeleasing.de end of Ad hoc-announcement, (c) DGAP 08.02.2001 ———————————————————————– WKN:586590; Index: Listed:Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 080741 Feb 01