Sonda snaps up 89% of Quintec

- Tuesday, September 13, 2011

Sonda snaps up 89% of Quintec

Chilean IT systems integrator Sonda has purchased 89.4% of fellow tech holding company Quintec's shares as a result of the public offer made last month, the latter announced to local securities regulator SVS.

As a result, Sonda has become Quintec's controller, having acquired over 140mn of Quintec's shares.

In August, Sonda made an offer to purchase the entirety of Quintec. Sonda offered 206 pesos a share for 100% of Quintec's 157mn shares.

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The public offer for Quintec is Sonda's second - and now final - attempt at buying its competitor, after an offer in 2009 failed.

SONDA'S BOARD

Quintec also reported that six of its board members resigned after the public share offer closed.

Marcelo Ringeling, Patricio Claro, Blas Tomic, Patricio Lecaros, Juan Cristóbal Pavez and Andrew Cummings will be replaced until the next shareholders meeting by Mario Pavón, Raúl Vejar, Rafael Osorio, Daniel Silva, Octavio Gómez and Raúl Sapunar.

Mario Pavón was also appointed chairman of the board.