Brief: Panostaja sells Flexim Security Oy to Assa Abloy AB

Panostaja Oyj

04/06/2015 07:00

June 4 (Reuters) - Panostaja Oyj  PNA1V.HE : 
    * Says Panostaja together with the other owners of Flexim 
Group Oy has signed a contract for the sale of the entire 
shareholding in Flexim Security Oy to Assa Abloy Oy  ASSAb.ST  
    * Says Panostaja also quits its Safety segment 
    * Says Panostaja's holding in Flexim Group Oy is 70 pct and, 
through their holding companies, Managing Director Jukka Laakso 
holds 20 pct and former board member Hannu Kankkunen 10 pct 
    * Flexim Group owns 100 percent of Flexim Security Oy 
    * Says the debt-free sales price is 27.0 million euros  
($30.41 million), of which Panostaja's share (basic purchase 
price) after the deduction of net liabilities and costs related 
to the sale will be some 10 million euros  
    * The sellers also have the opportunity for an additional 
purchase price of up to 8.0 million euros, which will be 
determined in the 12-month period beginning May 1, 2015 
    * The completion of the transaction is subject to approval 
by the competition authorities and the parties estimate 
that the transaction will be completed before September 30, 2015 
 
Source text for Eikon:  ID:nHSU5SvC  
Further company coverage:  PNA1V.HE  
 
($1 = 0.8878 euros) 
 
 (Gdynia Newsroom) 
 ((gdynia.newsroom@thomsonreuters.com; +48586983920;))