Redington to acquire 70 per cent stake in Turkish firm

CHENNAI: IT parts distributor Redington would acquire a majority stake in Istanbul-based Oracle distributor Linkplus Bilgisayar Sistemleri Sanayi ve Ticaret, A S Turkey, the company said today.

"Redington India through its step down subsidiary Redington Gulf FZE has entered into a definitive agreement to acquire 70 per cent stake in firm Linkplus Bilgisayar Sistemleri Sanayi ve Ticaret, A S Turkey", Chennai-based Redington said in a BSE filing.

"This proposed acquisition is subject to regulatory approvals. Linkplus is a leading distributor of ORACLE in Turkey", it said.

Redington said it would acquire the remaining 30 per cent over a three year period. "The company has been valued around 6X future earnings," it said.

Istanbul based LinkPlus established in 1995 is engaged in the field of Information technology.

Shares of Redington India were trading at Rs 119.35, up 4.10 per cent over previous close in afternoon BSE.