German Deutsche Post cuts stake in GFT
Deutsche Post has reduced its stake in German IT and web services provider GFT Technologies AG from 12% to under 5% and sold its shares institutional investors. GFT is one of Deutsche Post’s key technology suppliers providing the post’s Stampit Internet postage offering. It is also supplying the Royal Mail’s new SmartStamp product.
“In the course of implementing the Post Group’s strategy to limit capital interests to core business activities, we have decided to sell shares in GFT,” said Deutsche Post ITSolutions’ chairman of Business Management Manfred Schuster. “GFT has always been a reliable partner in the development and implementation of complex software solutions. The sale of the shares will have no influence on our future cooperation. We are committed to our strategic partnership.”
GFT CEO Ulrich Dietz said the post’s decision would increase the free float of GFT shares to 35% from 23%. “This will allow us to expand our circle of investors and increase the liquidity in the shares, thus making it more interesting for institutional investors,” he said.
Under the new shareholder structure, Ulrich Dietz holds 30 Deutsche Bank 25 %, Maria Dietz 10 % and free float 35 %. GFT’s revenues fell 9% sequentially to $130.5 million in the third quarter. Earnings before interest, taxes, depreciation and amortization amounted to $377,000. GFT has yet to post its Q4 results.
