It cannot be ruled out that it will buy the remaining 25% stake to reach full control of South African distributor, Magix Integration.
Magic Software Enterprises Ltd. (Nasdaq: MGIC; TASE: MGIC) has increased its stake in its South African distributor, Magix Integration Ltd., to 75% from 51%.
Magic, a provider of cloud and on-premise enabled application platforms and business integration solutions, acquired the controlling interest in Magix in January 2011. Magic paid $2.5 million for the 75% stake, and it cannot be ruled out that it will buy the remaining 25% stake to reach full control of Magix.
Magic's share price closed at $6.77 on Nasdaq yesterday, giving a market cap of $245 million, and 1.5% by mid-afternoon on the TASE today to NIS 24.71.
Published by Globes [online], Israel business news - www.globes-online.com - on April 6, 2011
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