Polish PragmaGO begins international expansion, enters Romanian market with acquisition

Polish PragmaGO, a leading non-bank provider of SME finance in CEE, started its international expansion from the Romanian market through the acquisition of an 89% shareholding in Telecredit IFN SA (operating under the brand name Omnicredit) from investment company Reconstruction Capital II Limited (RC2) and Elisa Rusu, Telecredit's CEO, for an initial consideration of EUR 5.785 million plus an earn-out of up to EUR 0.445 million.

The deal is subject to Romanian foreign direct investment authority approval, RC2 shareholder approval, and several other conditions precedent, the company said.