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Elektrobit Oyj Sells Tools Product Business to Anite plc

Monday, 28 Jan 2013 02:00am EST 

Elektrobit Oyj announced that Elektrobit and Anite plc have signed an agreement on January 28, 2013, under the terms of which Elektrobit agrees to sell its Test Tools product business to Anite. The transaction comprises the sale of the shares of Elektrobit’s subsidiary Elektrobit System Test Ltd., a company based in Oulu, Finland, and certain related other assets in the United States and China. Elektrobit’s Test Tools product business provides radio channel emulation tools and testing solutions for the development of the wireless technologies and is a part of the Elektrobit’s Wireless Business Segment employing a total of 54 persons in Finland, the United States and China. The cash consideration payable to Elektrobit by Anite as a result of the transaction is EUR 31.0 million on a cash and debt free basis, subject to a post completion adjustment based upon the level of net working capital and cash and debt in the Test Tools product business on January 31, 2013. The closing of the transaction results in a non-recurring net profit of approximately EUR 23 million in the first quarter of 2013, and non-recurring net cash flow of approximately EUR 28 million, in the first half of 2013. The net assets of the Test Tools product business on January 31, 2013 are expected to be approximately EUR 5 million. Closing of the transaction has been agreed to take place on January 31, 2013, subject to completion of customary closing events, such as payment of the cash consideration. 

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23 Oct 2014