Motor Oil has agreed to acquire full ownership of digital solutions provider Nova ICT, purchasing the remaining 50% stake held by Nova for 60.5 million euros.
The transaction was signed through Motor Oil’s indirect subsidiary Ireon Technologies Limited, which will acquire Nova Telecommunications and Media’s entire shareholding in Nova ICT. Upon completion of the deal, Motor Oil will become the company’s sole shareholder.
Motor Oil said Ireon Technologies intends to sell part of its holding to strategic investors before the end of the current fiscal year, ultimately retaining a 10%-20% stake in Nova ICT.
Nova said the divestment is aligned with its strategy of focusing on telecommunications services for households and businesses, as well as investments in next-generation networks, including 5G.
Founded in 2023, Nova ICT specializes in digital transformation projects for both the public and private sectors. The company operates in areas including healthcare, civil protection, defense, infrastructure, utilities and smart cities, while also participating in European-funded projects.
According to Nova, the transaction values Nova ICT’s net equity at 121 million euros, compared with an initial share capital of 1 million euros when the company was established three years ago.
Despite the ownership change, the two companies said they will maintain their commercial partnership and continue jointly delivering digital transformation projects and initiatives for customers and business partners.
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