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Transition Romanian companies: 2 bln euros

Companies in their hundreds, started from zero after 1989, have found new owners in the past ten years and entrepreneurs who sold them cashed more than two billion euros.

Foreign investors took over the majority of the top 50 local start-ups. More than 15 years ago, businessman Florin Andronescu invested 300,000 dollars in what was to become the first national retail chain of electronics and home appliances, Flanco. In 1996, he attracted two investment funds into this business, Oresa Ventures and Danube Fund, reads Capital weekly. But the genuine business hit was given when the finance consumer company Credisson, set up jointly with Oresa Ventures again, in 2003, was sold three years later for 47 million euros, of which Andronescu's share stood at 9.4 million. Cluj-based Horia Ciocirla participated in the setting up of some of the most successful businesses in Romania: Astral Telecom, Transilvania Bank or BT Insurance. The telecommunications company, set up based on an initial investment of 20,000 dollars, which in a few years time climbed into the top 20 profile companies in Europe, was taken over, in 2005, by UPC, for some 350 million euros. BT Insurance was also sold, in exchange of 90 million euros, to the French from Groupama, in the autumn last year. Transilvania Bank, still the property of a group of Romanian shareholders, was estimated in the summer last year at 1.7 billion euros. Maybe, the most recent exit case of an entrepreneur naturalized in Romania is Jean Valvis, after Lactalis Group took over a few weeks ago the dairy division of the Romanian LaDorna Co. Even though the transaction's value was not made public, the market estimation is of 70 - 90 million euros. Radu Georgescu is the one who officially placed the Romanian market on the world IT one, in 2003, when he sold the anti-virus RAV technology, produced by his company Gecad, to Microsoft giant. Sursa: http://www.rompress.ro

Tags: euros million companies romanian

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