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

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