4iG scraps TeleGroup stake acquisition term sheet
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Listed Hungarian IT company 4iG on Friday said a preliminary, non-binding agreement it signed in September to acquire 70% stakes in TeleGroup Limited and TeleGroup Banja Luka, peers with businesses in Europe and the Middle East, from the investor Milomir Gligorijevic, was terminated by mutual consent, according to a report by state news wire MTI.
"The parties agreed that the best way forward in accordance with the values of both companies is to continue their partnership and seek future possible business cooperation through a strategic partnership in the Balkans region for IT and infrastructure projects," 4iG said.
TeleGroup is the leading IT system integrator in Serbia, Bosnia and Herzegovina, and Montenegro.
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