Croatia's M+ Group to Acquire Mid Europa Turkish Unit CMC
Zagreb, Croatia, Jan 27, 2020 - Croatia's Meritus Ulaganja [ZSE:MRUL] said its business process outsourcing (BPO) services provider M+ Group (Meritus Upravljanje) has agreed to acquire its Turkish peer CMC, owned by UK-based private equity firm Mid Europa Partners.
Under the acquisition agreement, Mid Europa will get a 30% ownership stake in the newly merged entity, Meritus Ulaganja said in a statement with the Zagreb bourse.
Meritus's shareholders approved the transaction at their January 27 general assembly meeting, the statement said, adding its completion is expected by the end of January.
CMC is a Turkish outsourced call centre and customer management services provider.
"M+ Group will now serve more than 220 clients in 58 countries worldwide, generating an annual turnover in access of EUR 65 million," the head of M+ Group supervisory board, Zvonimmir Mrsic, said in the statement.
He added that the group will employ more than 7,000 people, and will focus on the acquisition of new international clients on the global market.
"We believe in the long term growth prospects of the BPO industry in the region and globally and are committed to our future cooperation with M+ Group in creating the leading regional BPO services provider. The focus of the combined business will be on serving the most demanding international blue chip clients," Kerim Turkmen, partner at Mid Europa, said in the same statement.
Posted by Veronica Silva Cusi, news correspondent
Date Posted: Tuesday, January 28, 2020
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