Redington arm acquires majority stake in Turkey's Linkplus

NEW DELHI: Technology product distributor Redington (India) Ltd today said its step down subsidiary Redington Gulf FZE (RGF) has completed acquisition of 70 per cent stake in Turkey's Linkplus for a consideration of USD 5.75 million.

"The company have received a communication from RGF that they have obtained the requisite approvals and have completed the acquisition of 70 per cent stake in Linkplus for a consideration of USD 5.75 million," Redington (India) Ltd said in a BSE filing.

It further said: "The balance 30 per cent shares will be purchased on equitable basis from calender year 2015 to calender year 2017 at a P/E multiple of 5X."

In October this year, Redington Gulf FZE entered into a definitive agreement to acquire 70 per cent stake in Linkplus Bilgisayar Sistemleri Sanayi ve Ticaret A.S, Turkey (Linkplus).