(AOF) – 2CRSi has reached an agreement with a subsidiary of Source Code, LLC, an American operator in the IT infrastructure solutions sector, for the sale of its stake in the IT distribution specialist, Boston Limited. “Even if a majority share of the 2CRSi group’s turnover is achieved by Boston Ltd, its integration into the group has been marked by unexpected operational and logistical challenges induced by component shortages, Brexit and the Covid crises” , explains the group.
In this context, and convinced that this operation creates value both for Boston and for the historical scope of 2CRSi, the Board of Directors has issued a favorable opinion on this offer to acquire Source Code on Boston Limited. The buyer is committed to commercializing the innovation of 2CRSi products and services.
The operation has already obtained all the necessary authorizations from the competent supervisory authorities. Closing is expected to occur in July 2023.
The proceeds of the sale will be allocated as a priority to reducing debt and strengthening the equity of the 2CRSi Group.
The balance of the acquisition loan, taken out in November 2019, will be fully repaid, i.e. 9 million Euros to BNP Paribas. The lifting of the Boston Ltd securities pledge was subject to this reimbursement.
In addition, this sale also leads to the extinction of the call option and the put option for the 30% shares of the minority shareholders of Boston Ltd, as well as the price supplement planned for the financial year 2022/ 23.
Finally, it will be proposed to the Board of Directors to submit to the vote of the General Meeting of August 31, 2023 an exceptional dividend of 0.20 euro per ordinary share in order to share the fruits of this sale with all the shareholders of 2CRSi. .
In order to take into account the deconsolidation of the Boston sub-group, 2CRSi will present new financial objectives, after the closing of the operation.
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