Xurpas acquires 100% of Fluxion

Consumer technology company Xurpas Inc. has bought the remaining 35 percent equity stake in Fluxion Inc., a company engaged in mobile and internet systems design.

The latest acquisition makes Fluxion a wholly owned subsidiary of Xurpas, according to a regulatory filing on Tuesday. Fluxion also develops programming languages, usabiliy, and social media.

In 2005, Xurpas acquired a 65-percent controlling stake in Fluxion.

On Monday, August 22, the board of directors of Xurpas approved the acquisition of the remaining 35 percent stake in Fluxion at P27.99 per share or P45,002,322 on straight cash payment terms.

The principle followed in determining the amount of consideration if the fair market value of the shares.

The shares were acquired from Fluxion President Suzette C. Facundo, Fluxion Treasurer Hubert O. Ang, and Rolen P. Facundo.

The sellers were also co-directors of Xurpas' representatives in Fluxion's board of directors . — VDS, GMA News