The Kuwaiti Shareholder Group Alghanim Now Holds 30% of Magirus

The three private Magirus AG shareholder groups, the families Alghanim, Magirus and von Kuenheim, have between them acquired Agilysys, Inc.’s 20.2 percent shareholding in Magirus AG, one of Europe’s leading IT solution providers. The acquisition of the Agilysys shareholding enhances the ability of Magirus to react with speed and flexibility to the challenges posed by the environment in which it operates.

The move by the company’s majority shareholders underlines their confidence in the Magirus strategy to address high growth IT segments and reduces the company’s exposure to the uncertainties impacting stock markets.

The Kuwaiti shareholder group Alghanim has acquired nearly half of the Agilysys shareholding in Magirus. On conclusion of the transaction, the family Alghanim holds 30 percent of all Magirus shares, the family Magirus 27.5 percent and the family von Kuenheim 42.5 percent.

As part of the transaction, Magirus AG has increased its equity capital by means of a share premium.

Fabian von Kuenheim, President & CEO, Magirus AG

“The greater decision-making capacity of this shareholder structure is evident in, among other things, the willingness of our private shareholder groups to make a financial investment,” Fabian von Kuenheim, Chairman of the Board of Magirus AG, explained. “In addition, with this transaction we realise a contribution to equity capital by our shareholders and thus reduce, as in the case of the withdrawal of our current stock exchange-listed (NASDAQ) shareholder Agilysys, the influences on our company of the turbulence which has hit the financial markets.”