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Intellecta AB to Sell Infolog; Intends to Acquire Nordic Digital Communication Agency; Maintains Q2 2013 EBT Guidance

Friday, 5 Jul 2013 02:15am EDT 

Intellecta AB announced that it has decided to focus on its Consulting business by divesting Infolog. Infolog is being sold to investment fund Accent Equity 2012. The sale is scheduled to be completed during the third quarter of 2013. The transaction values Infolog at SEK 200.5 million on a debt free basis. An additional payment of up to SEK 7 million may apply, depending on Infolog’s final results for 2013. The Company will receive payment after settlement of debt liabilities, transaction costs and additional consideration to former owner of Infolog. Intellecta will receive between SEK 123 million and SEK 130 million (net cash); approximately SEK 101 million after the transaction; approximately SEK 22.4 million in a two-year promissory note which bears interest at 6.5%; up to a further SEK 7 million in additional consideration in early 2104. In connection with the sale of Infolog, the Company also announced its intention to acquire a majority of up to 60% of the shares in a Nordic digital communications agency. The transaction, expected to be completed in September 2013, is expected to bring Intellecta SEK 50 million in digital agency revenues on yearly basis. The Company also announced that it confirms its previously announced profit improvement guidance for the second quarter of 2013. EBT for the second quarter of 2013 is estimated at between SEK 1.5 million and SEK 6.5 million. 

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11:29am EDT