Ster-Projekt-DRQ - the biggest IT merger of 2003?

Ster-Projekt will sign an agreement by the end of next week with Grupa Onet, concerning the acquisition of a majority stake in DRQ, a company which controls 85% of Onet. DRQ is a provider of IT services, and thus does not fit into the strategy of the parent company, ITI Holdings, an investor which is building a media group. "We have already concluded the process of due diligence," said Piotr Smólski, the president of Ster-Projekt. According to analysts, the cost of the acquisition might reach over zł. 50 million, and therefore be the one of the largest in the IT industry this year. Ste r-Projekt plans to finance the investment through a share issue, which the concern hopes will raise zł. 100 million. The remaining funds will be used for two smaller acquisitions, however no names of the companies which will be taken over were revealed. Kraków-based DRQ posted a 2002 net profit of zł. 4.5 million on recorded revenues of zł. 27.6 million. (Parkiet, p. 1) A.K.