Brief: Solteq Sells Its ERP Business Based On Microsoft BC, LS Retail Solutions To Azets

Solteq Oyj

17/04/2023 07:07

April 17 (Reuters) - Solteq Oyj  SOLTEQ.HE :
    * SELLS ITS ERP BUSINESS BASED ON MICROSOFT BC AND LS RETAIL
SOLUTIONS TO AZETS
    * ON APRIL 17, 2023, SOLTEQ HAS SIGNED A BUSINESS TRANSFER
AGREEMENT, WHEREBY GROUP'S ERP BUSINESS BASED ON MICROSOFT
DYNAMICS 365 BUSINESS CENTRAL AND LS RETAIL SOLUTIONS WILL BE
SOLD TO AZETS
    * COMPLETION OF TRANSACTION IS ESTIMATED TO TAKE PLACE ON
MAY 2,
2023
    * COMPLETION OF TRANSACTION IS SUBJECT TO CUSTOMARY
PRECONDITIONS
    * NET DEBT-FREE PURCHASE PRICE OF BUSINESS IS A MAXIMUM OF
EUR 20
MILLION
    * FIXED PURCHASE PRICE IS EUR 15 MILLION DEDUCTED BY NET
WORKING
CAPITAL OF BUSINESS
    * EUR 12 MILLION WILL BE PAID UPON COMPLETION OF TRANSACTION
    * REMAINDER OF FIXED PURCHASE PRICE WILL BE PAID AT LATEST
SIX (6)
MONTHS AFTER COMPLETION OF TRANSACTION
    * POSSIBLE ADDITIONAL PURCHASE PRICE IS A MAXIMUM OF EUR 5
MILLION, AND IT SHALL BE DETERMINED BASED ON REVENUE OF
TRANSFERRING BUSINESS FOR A PERIOD OF TWELVE (12) MONTHS FROM
FIRST DATE OF MONTH TRANSACTION HAS BEEN COMPLETED
    * CO WILL RECOGNIZE AN ESTIMATED ONE-TIME PROFIT OF EUR 8
MILLION
(BEFORE TAX EFFECTS) ON FIXED PURCHASE PRICE IN Q2, PURCHASE
PRICE WILL BE PAID IN CASH

Source text for Eikon:  ID:nWkr6fnlHp 
Further company coverage:  SOLTEQ.HE 

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