INVL Technology, a company investing into IT businesses, and BAIP Group, a company managed by INVL Technology, announced the terms of their merger.
According to these terms, INVL Technology will be merged to BAIP Group and the merged company will operate in the market by the name of INVL Technology. The company will be quoted on NASDAQ Vilnius Stock Exchange. The merger is assumed to be completed after the approval of INVL Technology and BAIP Group shareholders. It is foreseen that the approval will be received during the first quarter of 2015.
“INVL Technology will apply for the closed-end investment company licence and in its essence will become similar to a fund. INVL Technology will aim to raise not less than EUR 10 million for the purpose of investing into other technology companies”, – Kazimieras Tonkunas, the general manager of BAIP Group, said.
Shareholders of INVL Technology will receive 6.7856 shares in BAIP Group for the each owned share in INVL Technology. After the merger shareholders of INVL Technology will own 65.78 percent, while the minor shareholders of BAIP Group will own 34.22 percent in shares of the joint company. The authorised capital of the company operating after the merger will be divided into 6 114 714 shares, whereas capitalisation, according to the current market value, will reach EUR 8.6 million.
The largest investments after the merger will be 100 percent of BAIP, a critical infrastucture company, Norway Registers Development operating in Norway, and specialized cyber security company NRD CS, that was spun-off from BAIP group in the beginning of 2014 .