Mapa Group is Israel’s largest provider of geographic information.
Ituran Location and Control Ltd. (Nasdaq:ITRN); TASE:ITRN) has acquired Mapa Mapping and Publishing Ltd. for $9.9 million, plus $3.1 million for the repayment of Mapa Group's loans to its shareholders.
Ituran will finance the acquisition from its cash reserves and IPO proceeds. The deal requires the approval of the Antitrust Authority and a withholding tax exemption certificate to be issued by the Israeli Tax Authorities.
The Mapa Group is the largest provider of geographic information (GIS) in Israel and owner of geographic information database for navigation in Israel, GISrael. Ituran said that Mapa Group had a shareholders’ equity deficit of $400,000 and $4.4 million in at the end of 2006. The company posted a net profit of $2.8 million on $7.3 million revenue last year.
Published by Globes [online], Israel business news - www.globes.co.il - on April 26, 2007
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