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Intellecta AB Acquires Majority Stake in Propeople Group ApS; Expects to Acquire Nordic Service Office, Company Issues Q3 2013 EBT Guidance

Monday, 21 Oct 2013 02:45am EDT 

Intellecta AB announced that it has acquired a 60%-stake in the Danish digital office Propeople Group ApS. The acquisition is implemented in two stages, 51% of Propeople's shares is to be acquired in 2013, and 9% up to the first quarter of 2015. The acquisition is to be completed on the last day of October 2013. Propeople will be consolidated into Intellecta's operations as of November 1, 2013. The purchase price amounts to up to DKK 39 million, of which DKK 2.1 million in Intellecta's shares and approximately DKK 18 million is a variable component linked to the financial performance in 2014 that will be paid by April 2015. The cash purchase price is financed in 50% as an acquisition loan with a maturity of five years and in 50% by Intellecta's own resources. In addition, the Company has signed a Letter of Intent to acquire up to 70% shares of a Nordic digital service office. The transaction is expected to be completed by year-end of 2013. The Company announced that it expects to report EBT for the third quarter of 2013 before non-recurring items which is about SEK 1.5 million better than in the third quarter of 2012 for comparable units. 

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11:29am EDT