Synergon Climbs as Volume Jumps on Acquisitions: Budapest Mover
Synergon Nyrt. (SYNERG) shares jumped and trading volume surged after the Hungarian computer services provider said it is buying stakes in several data, cloud computing and telecommunications companies and real estate.
The stock rose as much as 3.4 percent and traded 1.4 percent higher at 448 forint by 10:24 a.m. in Budapest. Traders bought and sold more than 60,000 shares, or 292 percent of the average over the last three months.
The acquisitions will probably boost revenue by almost 3 billion forint ($13.8 million) next year, Synergon said in a statement to the Budapest Stock Exchange. Earnings before interest, taxes, depreciation and amortization will rise by at least 400 million forint to 450 million forint because of the deals, Synergon said.
Synergon is paying almost 1.9 billion forint and some of its own shares for the stakes, all in Hungary, it said.
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