IT parts distributor Redington would acquire a majority stake in Istanbul-based Oracle distributor Linkplus Bilgisayar Sistemleri Sanayi ve Ticaret, A S Turkey, the company said today. Also Read - Here's how OnePlus plans to its expand offline retail presence in India
“Redington India through its step down subsidiary Redington Gulf FZE has entered into a definitive agreement to acquire 70 percent stake in firm Linkplus Bilgisayar Sistemleri Sanayi ve Ticaret, A S Turkey”, Chennai-based Redington said in a BSE filing. “This proposed acquisition is subject to regulatory approvals. Linkplus is a leading distributor of ORACLE in Turkey”, it said. Also Read - Suresh Prabhu to meet Apple leadership in Davos over India manufacturing plans
Redington said it would acquire the remaining 30 percent over a three year period. “The company has been valued around 6X future earnings,” it said. Istanbul based LinkPlus established in 1995 is engaged in the field of Information technology. Also Read - Apple is getting tougher on small retailers to keep discounts in check
Shares of Redington India were trading at Rs 119.35, up 4.10 percent over previous close in afternoon BSE.