German ecommerce services and software distribution company asknet has entered a share purchase agreement to acquire 100% of its French competitor Nexway Group. The Acquisition remains subject to the completion of several conditions precedent, including a fairness opinion. Upon consolidation of Nexway Group, asknet expects to roughly double the size of its business.
To finance the acquisition of Nexway, the subsequent integration and an accelerated growth plan of an expanded asknet, the company resolved simultaneously a capital increase of 450,000 new shares of asknet, issued at a price of €12 per share, with the preemptive rights granted to all of the existing shareholders of asknet. The Capital Increase in the total amount of €5,4m is fully guaranteed by an investor. The capital increase is to be completed before or on June 30, 2019.
Additionally, Tobias Kaulfuss, previously Chairman of the Supervisory Board of asknet AG, stepped down. The new Chairman of the Supervisory Board is Osman Khan, Chairman of the Board of Directors of The Native SA, the largest shareholder of asknet AG. Aston Fallen, Executive Chairman of Nexway and previously a long-standing business development consultant at asknet, was appointed as the new CEO of asknet, whereas the current CEO Sergey Skatershchikov stepped down.
Both companies operate highly synergetic businesses with complimentary technical capabilities, customer bases and geographic footprints. The goal of this transaction is to create a dynamic, cutting-edge and well-funded market leader in the ecommerce services business with a diverse portfolio of clients from software vendors, to gaming companies and digital marketplaces.