December 19, 2019 / 6:50 AM / 2 months ago

AKKA Technologies to buy Norwegian group Data Respons for about $404 mln

PARIS, Dec 19 (Reuters) - AKKA Technologies has agreed to buy Norwegian software company Data Respons for around 3.7 billion Norwegian crowns ($404 million) in cash, in a deal which the Paris-listed company said would make it a more digitally-focused company.

The two companies said in a joint statement on Thursday that AKKA would pay 48 Norwegian crowns for each Data Respons share. The offer represents a premium of 20% to Data Respons’ closing price of 40 crowns on Dec. 18.

“This project is a true game changer in a data-driven world. We will create Europe’s largest and most comprehensive digital solutions powerhouse for the fast-growing mobility market,” AKKA Chairman and Chief Executive Mauro Ricci said.

$1 = 9.1609 Norwegian crowns Reporting by Sudip Kar-Gupta; Editing by Himani Sarkar

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