Advised on Sale of Company


T-HT Croatian Telecom

Leading provider of telecom services in Croatia Croatia

Acquired 100% of the shares of the company

Combis d.o.o.

The leading Croatian systems integrator Croatia

Advised Combis d.o.o. on its sale to T-HT Croatian Telecom



Combis d.o.o. is the leading IT Systems Integration Company in Croatia, with a significant subsidiary in Bosnia & Herzegovina and a growing business in the region. The Company's business is divided into four segments: Vertical Industry Solutions and Applications, IT Systems Integration, IT Infrastructure Service and Maintenance, IT Technology and Infrastructure Consulting.

Unique Selling Points

Combis has been extremely successful in developing a global standard in providing IT solutions to some of the largest regional operations in Southeast Europe and beyond. Its pool of talent, track record and leading edge technological approach have created a unique operation in the region.

The Investor

The T-HT Group is the leading provider of telecommunications services in Croatia, offering fixed and mobile telephony services as well as wholesale, Internet and data services, from 1999 until today. Majority owned by Deutsche Telekom, T-HT Group represents one of the largest corporates operating in the region of Southeast Europe.

The Deal

100% Share Sale and Transfer Agreement for Combis d.o.o. The purchase price was set at between EUR 25.5 million (around HRK 185.3 million) and EUR 31.5 million (around HRK 228.9 million) depending on achievement of business targets for 2010 and 2011.


Ivan Gabrić

Chairman of the Board, Combis d.o.o.

Working with Jurgis & Slaven made a rather complex process a lot more fun, while maintaining strong business focus on doing the right things and doing them right. Instantly, Combis team and IMAP team ˝clicked˝ well and from the first moment we got our staff together and worked as a single team. Open communication and IMAP’s skillful contribution makes them unique in the M&A arena in the wider region. Needless to say, we went through a lot of challenges, and some of them looked quite disastrous at the time. Moreover, it was a long journey and here I have to admit, IMAP performed with a respectable stamina. Regardless if we were starting at 7 p.m. or working late hours, including weekends or holidays. In times of temptation business attitude and professional approach kept us together and now I am glad we did it.


Miroslav Čutura

former owner of Combis d.o.o.

In life, man needs luck for all important activities, especially for the greatest achievements. This is how I would describe my life in short. In critical moments, when deciding on the sale of Combis, I was fortunate to meet Mr Jurgis Oniunas and Mr Slaven Kordić. From the success of this large task I learned a lot. The highest level of professionalism, along with the highest degree of human values in conduct were the key prerequisites for success. I use this opportunity to once again give my thanks to them and express great respect.