evoMAG will no longer acquire a majority stake in Elefant.ro, a deal that was announced six months ago. Elefant Online S.A. has informed investors about the decision of the shareholders to cancel the transaction in which Evolution Prest Systems SRL was set to acquire a package of shares representing 68.4561% of the share capital of Elefant Online S.A. The announcement further states that Elefant Online S.A. shareholders will continue to provide the necessary support for the optimal conduct of the company’s commercial activities.
Evolution Prest Systems S.R.L is the company behind the online retailer evoMAG, which, through this transaction, would have held 68.4% of elefant.ro. At the beginning of the year, the company announced a budget of €500,000 for investments in 2023, more than double compared to the previous year. evoMAG, an online store founded by Mihai Pătrașcu, recorded €36 million in turnover in 2022 and anticipates a growth of 5% – 10% for this year. This comes in a challenging market environment with increased competition and multiple macroeconomic and political challenges.
Had the transaction not been canceled, EvoMag would have held 69% of the capital, Axxess Capital 28%, while Elefant would have retained 3% of shares in its own name.