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On Telecoms Signs Cooperation Agreement With Zenon

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Zenon Automation Technologies has signed an agreement with On Telecoms for a cooperation in the field of telecommunications and digital technology.

On Telecoms, 100% owned by Amsterdam-based On Network Holdings NV, made a cooperation proposal to Zenon. The BoD of Zenon discussed the proposal and, following negotiations, a binding agreement was signed on June 30 2008.

Sources said that the planned merger will be completed by autumn, and On Telecoms will thus be indirectly listed on Athens Stock Exchange. The agreement is subject to approval by the competent authorities.

The deal includes a 30 million euro capital stock increase by Zenon which will be covered by Zenos current shareholders and by On Network Holdings or its shareholders.

 

 

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