Shareholders of INVL Technology, a company investing into IT businesses,  and BAIP Group, a company managed by INVL Technology, gave approval for the merger of the two companies. The approval of the merger was given during the shareholders meetings of the companies which were held on Monday.

According to these terms, INVL Technology will be merged to BAIP Group and the merged company will operate in the market by the name of INVL Technology. The company will be quoted on NASDAQ Vilnius Stock Exchange.

“The merger is a  transitional step towards the transformation to the funds’ structure and the raising of at least EUR 10 million for the purpose of investing into other technology companies”, – Kazimieras Tonkunas, future manager of INVL Technology, said.

Shareholders of INVL Technology will receive 6.7856 shares in BAIP Group for each owned share in INVL Technology. After the merger shareholders of INVL Technology will own 65.78 percent, while the minor shareholders of BAIP Group will own 34.22 percent of shares in the joint company. The authorised capital of the company operating after the merger will be divided into 6 114 714 shares, whereas capitalisation according to the current market value will reach EUR 8.146 million.

The largest investments after the merger will be 100 percent of BAIP, a critical infrastructure company, Norway Registers Development operating in Norway, and specialized cyber security company NRD CS, that was spun-off from BAIP group in the beginning of 2014.