Innova Sole Owner of Expander

The private equity fund Innova Capital has purchased 40 percent of Expander shares from GE Money. This means Innova Capital is the sole owner of the financial intermediary, assuming full control after 2.5 years, as in November 2007, the Americans sold 60 percent of Expander’s shares to the fund. “Through the sale of the remaining shares in Expander, GE Capital Global Banking is leaving an investment which has no strategic value for the group in order to concentrate on its chief company in Poland,” said Aleksandra Kwiatkowska, a GE representative. The Rzeczpospolita daily was unable to obtain any comment from Innova, and also the value of the transaction is unknown. Sources have told the daily that the price for the 40 percent of shares was a low amount, because of the market’s condition and the condition of Expander itself. It is possible that Expander may be sold in three to five years.