Brief: Efore To Sell Telecom Operations To Chinese Kexin

Enedo Oyj

31/07/2019 08:08

July 31 (Reuters) - Efore Plc  EFO1V.HE :
    * REG-EFORE TO SELL TELECOM OPERATIONS TO CHINESE KEXIN –
APPROVING THE OFFER MADE CANCELS PREVIOUS JOINT VENTURE PLANS
    * SAYS ACCEPTING OFFER DISCONTINUES ONGOING JOINT VENTURE
NEGOTIATIONS WITH ANOTHER CHINESE POWER SUPPLY PARTNER
    * PURCHASE PRICE ON A CASH AND DEBT FREE BASIS (ENTERPRISE
VALUE)
IS EUR 6,0 MILLION AND ESTIMATED PURCHASE PRICE FOR SHARES IS
EUR 3,5 MILLION
    * PURCHASE PRICE WILL BE PAID IN CASH
    * ACQUISITION WILL BE CLOSED DURING SECOND HALF OF THIS YEAR
    * FOLLOWING ACQUISITION 73 EFORE EMPLOYEES IN FINLAND, CHINA
AND
SWEDEN WILL MOVE TO BUYER AS OLD EMPLOYEES
    * ACQUISITION COVERS ENTIRE EFORE TELECOMMUNICATIONS
BUSINESS
INCLUDING CURRENT PRODUCT PORTFOLIO AND EFORE BRAND AND NAME
    * ACQUISITION, IF REALIZED, IS EXPECTED TO RESULT IN EUR 0-1
MILLION ONETIME CAPITAL LOSS FOR GROUP AND WILL REDUCE EQUITY OF
PARENT COMPANY

Source text for Eikon:  ID:nGNE6gYgjF 
Further company coverage:  EFO1V.HE 

 (Gdynia Newsroom)
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