ADO Europe Ltd. (TASE: ADO), controlled by Adi Keizman, today acquired control of Wardinon Real Estate Ltd. (TASE:WDRE) at a company value of NIS 88 million. In the first stage, ADO bought 60% of Wardinon Real Estate for NIS 52.6 million. The Wardinon family will continue to own the rest of the company and Dan Wardinon will stay on as CEO.
ADO bought nearly 77,000 shares at NIS 691.61 per share from two private companies owned by members of the Wardinon family. Wardinon Real Estate rose 2.3% by midday to NIS 506. ADO rose 0.1% to NIS 1.50.
Wardinon Real Estate has NIS 70 million in shareholders' equity. The company mainly operates in Hungary, Romania, and Georgia. Keizman plans to consolidate ADO's development business in Wardinon Real Estate, which will be renamed ADO Development Ltd.
Keizman said, "We're now in the advanced stages of building a company for the long haul. The acquisition of Wardinon Real Estate will enable ADO to consolidate its two core businesses: income producing real estate, with a focus on Berlin; and real estate development, through Wardinon Real Estate, which mainly operates in Eastern Europe. The company plans to expand its business into more countries."
Published by Globes [online], Israel business news - www.globes-online.com - on March 3, 2008
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