Magic Software to Buy Its Dutch Partner

Magic Software Enterprises Ltd., an Irvine e-commerce services provider whose stock price has more than doubled in the past six weeks, said Friday that it plans to acquire a majority interest in a Netherlands business partner. Magic signed a letter of intent Friday to buy 51% of CasWell Logistics BV, an Amsterdam-based software developer that Magic has worked with for the past 12 years. Financial details of the proposed acquisition were not disclosed. The deal, pending shareholder approval, is expected to close in the next few months, Magic officials said. Upon closing, the Netherlands firm will be renamed CasWell Magic Logistics BV. Also on Friday, Magic closed its previously announced majority acquisition of its Hungarian software distributor, Onyx Software Enterprises Ltd. Financial details were not disclosed. The acquisition gives Magic a 51% chunk of the newly renamed Magic Onyx Software Enterprises Hungary KFT. Magic’s stock price dropped $1.50 Friday, closing at $66.50 a share on Nasdaq.