Ljubljana, 30 January (STA) - Technology4Medicine, a US company specialising in medical lasers, bought a 70.5% stake in its Slovenian partner Fotona Thursday together with the private equity firm The Gores Group.
Delo and Finance newspapers report the 70.5% stake held by the state-owned PDP was sold for EUR 12.6m, which values the entire company at about EUR 18m.
The figure would suggest the stake was sold at the asking price after months of PDP failing to find common ground with at least two prospective buyers.
According to Slovenia law, the buyer will have to publish a takeover bid for the remaining outstanding stock when the purchase is completed.
PDP said in a statement its goal was to maximise proceeds while also securing a majority owner that would "support growth and development, and preserve key divisions in Slovenia".
Technology4Medicine has been cooperating with Fotona for years and acts as its US distributor.
In December Fotona director Matjaž Lukač described the US firm as an "appropriate strategic partner".
After coatings maker Helios, Fotona is the second company on the government's priority list for privatisation to be sold; 13 remain on the list.
In 2012, the latest year for which figures are available, Fotona posted sales of EUR 18.4m, down almost a tenth year-on-year, with net profit at EUR 0.7m, down from EUR 1.8m over the year before.