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Állami Nyomda buys 50% stake in Romanian peer

Hungarian printing company Állami Nyomda on Friday said it purchased a 50% stake in Romanian peer GPV Mail Services from DBR Holdings for €1.5 million-2.2 million, depending on earnings.

The transaction price is linked to the success of GPV's planned new contracts as well as EBITDA in 2010.

The deal must still be approved by the Romanian competition authority, but is expected to be closed by November 31, 2010.

GPV Mail Services had revenue of €4.3 million and EBITDA of €446,000 in 2009. It provides secure data processing, mass mailings and billing services. Banks account for 48% of its client portfolio, utilities companies for 25% and financial service providers for 13%. It counts three of Romania's biggest banks among its business partners.

Állami Nyomda already owns 50% of another Romanian company, Tipo Direct. Hungary's Díjbeszedő Holding, a billing contractor, also owns a stake in Tipo Direct. Állami Nyomda and Díjbeszedő Holding have a strategic cooperation agreement for markets in Romania and Moldavia.

The company aims to expand its production capacity and market share in Romania with its latest acquisition. (MTI-ECONEWS)