PFR TFI's fund and Euvic to invest in consolidation of IT companies in Ukraine
Poland's state development fund PFR's mutual funds company PFR TFI will invest jointly with the Polish IT group Euvic in the development of its business in Ukraine by providing funding for the consolidation of five IT companies, PFR TFI said in a press release.
The Foreign Expansion Fund 2 FIZ AN, managed by PFR TFI, and the Euvic Group signed an investment agreement under which the fund will provide debt financing for the acquisition of stakes in five companies operating in the IT sector - two in Lviv and the other three in Kyiv, Kharkiv and Vinnytsia.
It was reported that this is the first project of the PFR group financing investments in Ukraine and an important step in the context of building the presence of Polish companies in this market.
"The transaction is another stage of the Polish group's intensive expansion in foreign markets. Euvic made its first acquisitions in the Ukrainian market last year and is now increasing its involvement," PFR TFI said in the press release.
"Thanks to the completed acquisitions, Euvic is creating a technology group in Ukraine, which will be a competence centre serving clients from different parts of the world. PFR group's [credit insurer] KUKE is also involved in the project (...)," it added.
The mutual fund company of Poland's state development fund PFR stressed in the press release that one of the priorities of the PFR Group is to support the foreign expansion of Polish companies.
seb/ ao/ nl/