Rheinmetall acquiring 25% stake in 4iG

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German defense industry company Rheinmetall has signed a non-binding agreement to acquire a 25.1% stake in listed Hungarian IT company 4iG, the latter said in a disclosure released on the website of the Budapest Stock Exchange.

Under the agreement, also signed by 4iG and KZF Vagyonkezelő, the investment company of 4iG chairman-CEO Gellért Jászai, Rheinmetall would buy 4iG shares from KZF in an over-the-counter transaction.

The German defense firm would also participate in a HUF 120 billion private placement, joined by iG COM Private Equity Fund, another Jászai interest, and a fund managed by Alpac Capital.

The capital raise would take place with the issue of new shares at HUF 670 per share. There would be a lock-up period of "at least one year" for the subscribed shares. 4iG said Jászai's stake in his company would "not change significantly" due to the transaction.

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