Sonata Software signs closing memorandum, becomes 50.1% shareholder of TUI InfoTec GmbH, Germany

Sonata Software Ltd has announced that Sonata Europe Ltd, UK ("the Company"), a wholly owned subsidiary of the Company has announced that it has signed on November 24, 2006 the closing memorandum with TUI InfoTec and has remitted Euro 18 million, that makes it a 50.1% shareholder in TUI InfoTec GmbH. Earlier Sonata announced it has signed an Agreement with TUI AG, Europe's leading tourism and shipping group, to acquire 50.1% stake in TUI InfoTec, an IT Company headquartered in Hanover, Germany for a consideration of Euro 18 million in an all cash transaction.

The Company confirmed that it has received funding of 10 million Euros from State Bank of India, London as part of this investment. The balance amount was funded through internal accruals.

The Company has also received anti-trust clearance from the Federal Cartel Office in Germany.

Mr. B Ramaswamy, President and Managing Director of the Company, said "Transition of work from TUI InfoTec to the JV has already started. Going forward, our focus will be on the execution of a joint plan, to ensure that the objectives of the JV are met. Detailed Sales and Marketing plans for new customer acquisition are being drawn up."

Source : Equity Bulls

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