(News Bulletin 247) – 2CRSi announces that it has reached an agreement with a subsidiary of Source Code, an American operator in the IT infrastructure solutions sector, for the sale of its stake in the IT distribution specialist, Boston Limited.
In November 2019, 2CRSi acquired Boston Limited with the aim of creating ‘significant synergies’. The turnover of the 2CRSi Group had also increased from 65 ME in 2018 to around 184 ME for the financial year ended at the end of February 2023.
‘However, even though a majority share of the 2CRSi Group’s turnover is made by Boston Ltd, its integration into the Group has been marked by unexpected operational and logistical challenges induced by component shortages, ‘Brexit’ and Covid crises’, note 2CRSi.
Thus, the Board of Directors has issued a favorable opinion on this offer to acquire Source Code on Boston Limited, convinced that this operation creates value both for Boston and for the historical scope of 2CRSi.
The operation has already obtained all the necessary authorizations from the competent supervisory authorities. The closing is expected to take place in July 2023 and the proceeds of the sale will be allocated as a priority to deleveraging and strengthening the equity of the 2CRSi Group.
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