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© evertiq Electronics Production | September 30, 2014

Neways completes acquisition of BuS Group

Neways has completed the purchase of all the shares in BuS Holding GmbH (BusS Group), which finalises the acquisition. Neways financed the acquisition with a combination of debt and equity.
BuS Group has around 900 employees, including 50 developers. The company expects to book turnover of around EUR 118 million in 2014 with an EBIT margin of roughly 6%. BuS Group’s results for the first half of 2014 exceeded expectations.

Neways expects to generate considerable synergy benefits from this acquisition. The two companies have closely matched strategies and complementary client bases, market segments and operations.

The acquisition was financed with a combination of equity and debt. This included raising Neways’ existing credit facility to EUR 50 million from EUR 30 million, an issue of subordinated convertible bond loans totalling EUR 5 million and a private placement of new shares with BuS Group’s existing shareholders.

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