As a part of focusing its operations, Satama Interactive divests its Dutch
business operations to Lost Boys NV, the Dutch subsidiary of LBI International
AB for a total consideration of EUR 8,1 million.
The transaction will result in an approximately EUR 3,3 million profit from
divestments in Satama's fourth quarter earnings. The divestment will reduce the
net sales of Satama's final quarter in 2007 by approximately EUR 1,2 million.
”Satama Holland has been an independent unit focusing on designing and
implementing of high-end digital services. The combined company which Satama and
Trainers' House form by merging on 31 December 2007, will be a growth system
company. Operations of the combined company are based on productized service
concepts that will be internationalized. We believe that with its current
operations Satama's Dutch unit does not fit in the internationalization strategy
of the combined company. We decided it is more rational to divest than start
changing their business forcefully to match with our future needs,” says
Satama's CEO Jarmo Lönnfors.
The transaction enters into force today 5 December 2007 and the transition of
business operations has been agreed to take place from 1 November 2007. Satama's
Dutch operations' net sales from the period of 1 January - 31 October 2007 was
EUR 6,1 million and operating profit EUR 0,3 million. On 31 October 2007 Satama
Holland employed approximately 60 people.
As a purchase price from selling the operations Satama receives EUR 6,7 million
and EUR 1,4 million related to receivables from the Dutch business operations,
in total of EUR 8,1 million. EUR 1,5 million of the total consideration is used
to cover facility liabilities and other costs related to closing down the
operations. In addition, a possible earn-out payment depending on the revenues
and profitability of the sold operations will be paid in 2008. All of the
considerations are paid in cash.
Satama Interactive Plc
Jarmo Lönnfors
CEO
FURTHER INFORMATION
Jarmo Lönnfors, CEO, tel. +358(0)500 405 178
DISTRIBUTION
OMX Nordic Exchange Helsinki
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