Romania’s Bittnet finances acquisitions with new bond issue on Bucharest bourse

By bne IntelliNews November 28, 2018

Romanian IT integrator and specialised training company Bittnet has launched its third corporate bonds issue worth a total of RON4.7mn, the Bucharest Stock Exchange (BVB) announced. The bonds started trading on the Bucharest bourse on November 28, 2018.

The funds raised will be used to mainly finance the acquisition of two companies, Elian and Equatorial, which it agreed to take over earlier this year. 

Bittnet, founded in 2007, offers IT courses, IT solution implementation services, technical support services. It is the first IT company listed on the AeRO market of the BVB. 

The company, which is controlled by brothers Mihai and Cristian Logofatu, reached an agreement to take over the majority stake in IT software producer Elian Solutions in July. The following month, it secured another deal to buy a stake in local educational software producer Equatorial Gaming. 

“BNET23 bonds, listed starting today, allowed us to finance the acquisition of stakes in Elian as well as Equatorial and we are confident that the two newly integrated companies will play a crucial role in attaining the target we have set for the group - RON100mn in revenues by 2020," Mihai Logofatu, CEO of Bittnet, said.

In less than four years, by using the financial instruments available in the capital market, the value of the company multiplied six times and exceeding RON50mn, Lucian Anghel, president of the board of governors of the BVB, said.

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