Magnus Holding prepares acquisition of FAQT Group Belgium

Magnus Holding is preparing the acquisition of FAQT Group Belgium, supplier of ERP software and services for the environmental and food, pharmaceutical and chemical industry. FAQT Group Belgium is based in Ghent with 13 employees. Its profitable 2004 revenue was 1.9 million euro.

According to Fred Hermans, CEO at Magnus Holding, the main reason behind the acquisition is the growth potential in Belgium for its Qurius subsidiary, particularly the business unit waste management & recycling. Also, FAQT Group Belgium has a Microsoft-Navision based industry application that will benefit Qurius’ business unit food/pharmaceuticals & chemicals.
“As of 2001, we closely cooperate with Qurius in the international FAQT Group, a partnership of enterprises that develop and deliver Microsoft based business applications. With the increasing number of joint projects, merging our companies became a logical step. Strengthened by Qurius’ broad portfolio of products and services, we can better serve our customers and increase our growth pace”, says Geert Goeteyn, general manager at FAQT Group Belgium.

Transaction structure, timeframe and shares
After signing the letter of intend the usual steps will be taken, such as auditing the books. The purchase price will be paid in cash and shares; with the number of shares depending on FAQT Group Belgium’s 2005 and 2006 results. Both parties aim to conclude the transaction in October.
The total number of Magnus Holding shares outstanding, prior to the transaction, that are entitled to dividend amounts to 54.082.619, of which 33.788.043 (class A) shares are quoted on Euronext Amsterdam. The unlisted shares (B, as described in the information circular of June 4, 2003) can be converted into shares A to a maximum of 9.9% of the total number of listed shares A per quarter.

See for more information: www.faqtgroup.com