NECKARSULM (dpa-AFX) - The IT service provider Bechtle has raised fresh funds with a convertible bond. The company placed unsecured and unsubordinated convertible bonds with a volume of 300 million euros, as Bechtle announced in Neckarsulm on Friday. The subscription rights of shareholders were excluded. Bechtle intends to use the money for acquisitions in Germany and abroad, including the expansion of promising business areas such as artificial intelligence (AI). The share came under pressure on Friday morning and lost more than six percent in the meantime.

"For Bechtle as a listed company, the successful issue of convertible bonds is an important step towards securing a high degree of strategic financial flexibility even in times of high interest rates," said Group CEO Thomas Olemotz. This applies to both organic and inorganic growth options, including acquisitions and investments.

According to the information provided, Bechtle acquired seven companies in the UK, the Netherlands, Switzerland, France, Spain and Germany in 2023. Since its foundation, the IT company has acquired 113 companies across Europe and significantly expanded its market position in 14 countries.

Jefferies analyst Martin Comtesse noted that Bechtle is deviating somewhat from its recent acquisition strategy with this measure. The company now has a financial cushion of more than 1.5 billion euros for such transactions.

The company has fixed the interest rate of the securities at two percent per year. Bechtle had announced the issue of the convertible bonds the previous evening, holding out the prospect of an interest rate of 1.75 to 2.25 percent. The initial conversion price of 54.99 euros has now been set with a conversion premium of 30 percent above the reference share price of 42.30 euros. The term of the bond is seven years./nas/tavjha/