Harry Zarek, founder of Compugen Systems Ltd., reacquired Compugen from the receiver of Norigen Communications Inc. on April 23, 2002. Compugen is one of Canada’s largest information technology solution providers with annual sales over $250 million. Zarek originally sold Compugen Services Limited and a portion of its logistics business to Norigen in September 2000. At the time of the sale, various sales and administrative agreements were entered into so that the businesses could continue running as one integrated entity. Norigen had received proceeds from debt and equity funding of approximately $400 million in the summer of 2000, but following the meltdown of the telco market was placed in receivership at the request of its lending syndicate. After several months of negotiations Zarek repurchased Compugen from the receiver. The purchase price is undisclosed.
Michael Slan of Fogler, Rubinoff LLP acted for Zarek, with assistance from Mel Rubinoff, Q.C., and Martin Kaplan. PricewaterhouseCoopers LLP, the receiver for Norigen, was represented by Susan Grundy and Gail Lilley, assisted by Milly Chow and Andrew Pollock of Blake, Cassels & Graydon LLP.