Listed Swedish investor Bure has agreed to sell its stake in Danish technology consulting company, Carl Bro to Sweco. Bure acquired a 51 per cent stake in the company a year ago for an undisclosed sum. For Bure, the deal frees up SEK214 million realising a gain of over SEK80 million. Bure’s shareholding in the merged companies will amount to seven per cent of the capital.
Peter Sandberg, president and CEO of Bure, said: “We acquired Carl Bro with the expressed intention to play a proactive part in the consolidation of the technology consulting sector in the Nordic countries.” He added that through its acquisition of Swedish technology consulting company Sycon in December 2001, Carl Bro has achieved a stronger market position and gained access to supplementary expertise.
“The agreement also means that Bure frees up capital for new investments to build new structures in fragmented growth markets in which we can create a similar value,” he said.
Bure’s agreement with Sweco means the company and the other owners of Carl Bro Sydkraft, Lnmodtagarnas Dyrtidsfond – and Carl Bro’s corporate management will sell shares equivalent to 97 per cent of the total number of shares in Carl Bro.
As part of the financing Sweco will implement a guaranteed new share issue with a right of preference of SEK207 million to the existing shareholders at a subscription price of SEK70 per share. This will also strengthen the financial base of the merged company.
Total value of the transaction is SEK640 million for 100 per cent of the shares. Around 67 per cent of the purchase price will be paid with liquid funds and 33 per cent with newly issued B shares in Sweco.
The acquisition is subject to approval by the Swedish Competition Authority and due diligence.