Romanian Competition Authorities OK Flanco Takeover By Asesoft

Flanco Retail operates to Flanco International business, which is active on the electronics retail market. The Asesoft group, through Asesoft Web and Asesoft Distribution, is active on the electronics wholesale market.

In September 2010, Stanciu told a news conference that Asesoft would take over a 60% stake in Flanco Retail, while the remaining 40% would go to the three banks that credited Flanco International, namely ING, UniCredit and BRD.

Later, the parties agreed that Asesoft Web would take over 99.9% of shares in a transaction completed in June this year. Once the transfer was complete, the crediting banks received a total EUR10 million, a sum mentioned in the retailer’s reorganization plan.