20th Dec 2022 11:24
WAG Payment Solutions PLC - also known as Eurowag, processes toll and fuel payments for trucks around Europe - Signs a deal to buy the remaining 30% interest in Sygic for around EUR14.4 million, to be paid in April 2024. It bought a 70% stake in the Slovak automotive navigation systems firm back in 2019.
Eurowag also provided an update on its proposed purchase of Grupa Inelo SA, noting it has received approvals in North Macedonia and Slovenia. The Polish anti-trust authority also has given the nod to the deal. Eurowag will send out a circular in early 2023, and expects completion in the first quarter of 2023. Inelo is a fleet management solutions and work time management provider in Poland and Slovenia. Eurowag said in October that it would buy Inelo for up to EUR306 million.
Chief Executive Officer Martin Vohanka says: "We have been working successfully with Sygic and its management team since early 2019... We are now building a digital platform where our customers will have access to all our solutions through a single channel. The full consolidation of Sygic is the next logical step to achieve our ambition..."
Current stock price: 79.79 pence, up 2.0% on Tuesday in London
12-month change: down 14%
By Xindi Wei, Alliance News reporter
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