Gothenburg, Sweden, 2013-03-01 08:45 CET (GLOBE NEWSWIRE) --
Bilia Personbil AS has today concluded a contract for acquisition and divestment of business operations.
Bilia is acquiring the business Kverneland Bil Drammen AS, whereupon Kverneland Bil is
at the same time acquiring Bilia’s operations in Bryne. The handover is planned to take place on 31 March 2013 conditional on the approval of the Norwegian competition authority.
The business that Bilia is acquiring in Drammen represents Volvo and Ford. Net turnover amounted during 2012 to around SEK 225 M. Last year, the business supplied around
800 cars, of which half were used cars.
The business that Bilia is divesting in Bryne represents Volvo and also includes fuel sales. Net turnover during 2012 amounted to around SEK 115 M. Last year, around 220 cars were supplied, of which 140 were used cars.
Bilia is expected to pay a net purchase price amounting to around SEK 15 M. During the year, it is planned to move the business acquired in Drammen to Bilia’s existing facility in the area. The merger is expected to generate considerable economies of scale with full impact from 2014 onwards. The deal is expected to generate a marginal positive effect on Bilia’s earnings per share.
Gothenburg, 1 March 2013
Bilia AB (publ)
For further information, please contact Per Avander, Managing Director and CEO, or
Gunnar Blomkvist, CFO, Bilia AB, tel. +46 31 709 55 00 or Bilia's Managing Director in Norway
Frode Hebnes, tel. +47 99 32 19 27.