Ness Technologies merger completed

Ness has been delisted from the TASE and Nasdaq.

The acquisition of Ness Technologies Ltd. by Citi Venture Capital International (CVCI) affiliates Jersey Holding Corporation and Jersey Acquisition Corporation for $307 million has been completed, and Ness has been delisted from the Tel Aviv Stock Exchange (TASE) and Nasdaq. CVCI paid $7.75 per share in cash for the IT services company.

Ness will remain headquartered in Tel Aviv and Teaneck, New Jersey, and Ness’s president and CEO Sachi Gerlitz and CFO will keep their jobs.

As part of the merger, Ness subsidiaries Ness USA Inc. obtained a $63 million loan, and its Dutch units Ness Technologies (East) BV and Ness Europe BV, and Israeli unit Ness A.T. Ltd. obtained a $163.5 million loan from Bank Hapoalim (TASE: POLI). The loans are guaranteed by CVCI.

Published by Globes [online], Israel business news - www.globes-online.com - on October 16, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

5 Comments
View comments in rows
Update by email about comments talkback
POST
Comments
Your name
Please insert your name
Content
Hyperlink in a new window Hyperlink Right Left underline italic bold Bulleted List Ordered List Face1 Face2 Face3 Face4 Face5 Face6
Your comment

Thanks
You comment was recieved and soon will be published.
In posting comments, I agree to abide by the Terms of Use
Globes encourages lively and frank debate, but posts that the editors consider merely abusive or otherwise inappropriate will be removed. Report inappropriate content
Thank you for posting your comment, which will be reviewed for publication.
Loading Comments...load
Load more comments
Twitter Facebook Linkedin RSS Newsletters