ICT Group intends to acquire remaining 50% stake in InTraffic from joint venture partner Movares
As wholly owned subsidiary InTraffic will strengthen ICT’s position in Smarter Cities
ICT Group N.V. (ICT) announces that today it has signed a
letter of intent to acquire the remaining 50% of the shares in InTraffic
B.V. (InTraffic) that its joint venture partner Movares Group B.V.
(Movares) currently holds. Following the acquisition, ICT will hold 100%
of the shares of InTraffic. Acquiring InTraffic in full will allow ICT
to strengthen its position in its strategic theme ‘Smarter Cities’.
located in Nieuwegein, designs and builds applications for Traffic
Management, Infrastructure Monitoring and Travel Information. The
company was founded in 2003 as a joint venture between ICT and
engineering company Movares. With 150 professionals InTraffic generates
an annual turnover of approximately € 19 million.
Blejie, CEO of ICT: “I am convinced that this intended transaction is
beneficial to both InTraffic and ICT. InTraffic perfectly fits our
strategy in Smarter Cities. By joining our forces, we can offer an even
more compelling proposition and boost our innovation and product
development in the area of Rail infrastructure and Mobility. After 15
years of working closely together with our joint venture partner Movares
in the area of public transport, I am pleased that we now intend to
welcome InTraffic to become part of ICT”
Eijgenraam, CEO of Movares: “InTraffic has been a strategic alliance
with ICT for almost 15 years. In these years the role of IT in Rail
infrastructure and Mobility changed substantially. In this change
Movares considers InTraffic less strategic to its core business as
consultants and engineers. After the closing of the transaction Movares
and InTraffic will prolong their collaboration at its mutual main
van Elburg, CEO of InTraffic: “We look forward to becoming fully part
of the ICT Group. I believe this transaction is beneficial for the
employees and the customers of InTraffic. Combining the strong position
of InTraffic in Mobility and Rail Infrastructure with the strong
position of ICT in public infrastructure will intensify the
cross-fertilization and thereby strengthen our position.”
of the transaction is expected end of March 2018. InTraffic will be
fully consolidated as from the closing of the transaction, while
currently ICT’s 50% stake is reported as result from joint ventures. The
purchase consideration for 50% of the shares will be paid in cash.
Further financial details will not be disclosed.
For further information:
Carla Stuifzand, marketing director
+31 (0)88 908 2000
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