24th Jan 2014 09:19
LONDON (Alliance News) - Xchanging PLC Friday said it now owns the whole of its Italian unit after it paid EUR4.8 million for the final 1.3% stake in the business.
In a statement, the business processing, technology and procurement services company said Italy's SIA SpA exercised its put option on the stake as it reached the vesting date.
Xchanging originally bought a 51% stake in its Italian unit from SIA in 2010, and increased its stake to over 98% when it refinanced the business to enable it to make an acquisition in 2012. That left SIA with a put option over a 1.3% stake.
Xchanging shares were down 1.6% at 173 pence Friday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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