eMag ends up in the hands of a supplier - Asesoft

Asesoft Distribution, one of the largest players on the Romanian IT&C distribution market, has taken over a 51% stake in eMag, the largest online retailer on the Romanian market, with the value of the transaction exceeding 10 million euros, according to market sources. eMag put its 2008 turnover at 100 million euros. Asesoft bought 17% from each of the retailer’s founders – Dan Teodorescu, Bogdan Vlad and Radu Apostolescu, with the acquisition being partly financed via a loan from the EBRD. The retailer’s founders each have been left with 16.33% of eMag. The transaction involved law firms Paduraru&Boncu (for eMag) and Andrei Nicolescu (for Asesoft). The two parties did not wish to provide details on the value of the transaction, saying just that Asesoft had made its way into the company via a share capital increase, and that the move was “complex and difficult”.