Redington's Overseas Arm ARENA Acquires Stake In ADEO
by Pranali Shah
Arena Bilgisayar Sanayi Ve Ticaret Anonim Sirketi, Turkey (Arena), an overseas arm of Redington India has acquired 47.78% stake of ADEO Bilisim Danismanlik Hizmetleri San. ve Tic. A.S valuing the investment for $1.09 Mn. The Company aims to expand its network business by providing additional value added services with the help of ADEO acquistion.
Arena has also planned to make further investments of upto $1,50,000 in ADEO during the month, to increase its holding to 51% and make it as a subsidiary.
ADEO provides information technology services including consultancy, outsourcing, productive resource utilisation and training services in Turkey and abroad, to the companies and their partners operating in IT business.
Redington group comprises Redington (India) Limited and its forty Indian and Overseas subsidiaries. Indian Subsidiaries are directly held by the Company. Overseas businesses are carried out through Redington International Mauritius Limited and Redington Distribution Pte Limited and their subsidiaries underneath including Redington Gulf FZE and ARENA.
Redington International Holdings Limited had acquired 49.4% stake in Arena in 2010.
Established in 1991, ARENA is headquartered in Istanbul. It is the leading provider of technology products and related supply chain management services in Turkey. Arena supplies more than 400 global brand to consumers through its over 8.000 active sales points.
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The company’s shares are being traded in the Istanbul Stock Exchange since November 2000.
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