Croatia acquires 49% of Apis IT for EUR 37.8 mln

by   CIJ News iDesk V
2023-12-06   09:35

The Croatian government announced the acquisition of the remaining 49 percent stake in information technology company Apis IT, which it does not already own, from the Zagreb town authorities, for EUR 37.8 million euro.

Of the total acquisition cost, about EUR 1 million will be covered by the 2023 state budget, while the remaining EUR 36.7 million will be settled through a debt-for-equity swap. This swap involves converting receivables from loans previously granted by the government to the town authorities into equity, according to finance minister Marko Primorac.

Earlier, Apis IT revealed its collaboration with the government's central office for digital society development to create a shared services centre, marking Croatia's inaugural state cloud infrastructure. The project, valued at EUR 47.9 million, is receiving co-financing from the European Union.