Tefen signed a Heads of Terms Agreement for acquiring a strategic consulting company operating in Europe, mainly Italy and Germany.

Tefen's UK, signed yesterday a Heads of Terms Agreement for acquiring the stock capital of a strategic consulting company operating mostly in Italy and Germany. The annual revenues of the acquired company stand at 6M Euro, while the transaction value is projected to reach approximately 3.7M Euro in the course of three years, subject to operations results.
The transaction completion is subject to Due Diligence, the TEFEN Board of Directors approval and signing a detailed agreement. The company expects completion in the second quarter of 2007.