Sonata Software 50.1per cent shareholder of TUI InfoTec GmbH, Germany
27 Nov 2006
Sonata Software today announced that it had signed the closing acquisition memorandum with Europe''s leading tourism and shipping group, TUI InfoTec, to acquire a 50.1-per cent stake in TUI InfoTec GmbH.
Sonata has acquired the Hanover-based German company for €18 million in an all-cash deal through its wholly owned European subsidiary Sonata Europe Ltd, UK. Of the transaction amount of €8 million was through internal accruals.
Sonata's European arm has received anti-trust clearance from the Federal Cartel Office in Germany prior to the final stake sale and the transition of earlier contracts from TUI InfoTec to the new joint venture company.
"Going forward, our focus will be on the execution of a joint plan, to ensure that the objectives of the JV are met and detailed sales and marketing plans for new customer acquisition are being drawn up, " said B Ramaswamy, president and managing director of the company.