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Blom ASA to Divest Italian Subsidiary


Thursday, 7 Feb 2013 02:00am EST 

Blom ASA announced that it signed an agreement to divest its Italian subsidiary Blom CGR S.p.A. to an Italian investment group, BGFG & partners srl. Some of the members of Management in Blom CGR S.p.A. are part-owners in BGFG & partners srl. Blom will receive a consideration of EUR 2.0 million as compensation for 100% of the shares in Blom CGR S.p.A., of which EUR 1.0 million is due for payment in February 2013 and EUR 1.0 million in December 2013. The last EUR 1.0 million payment in December 2013 is dependent upon satisfactory outcome of certain representations and warranties. The transaction is expected to be completed within the end of February 2013. The transaction comprises the activities of Blom in Italy, Vatican and San Marino. 

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31 Jul 2014