G & L Beijer AB has completed its divestment of the Group’s Beijer Tech business area to Beijer Alma in accordance with the declaration of intent announced on 15 February 2010.
G & L Beijer will receive a consideration consisting of 2.7 million newly-issued B shares in Beijer Alma and a cash portion of SEK 38.7M. In total, the transaction is valued at approximately SEK 340M and G & L Beijer will report a tax-free capital gain of approximately SEK 140M.
“The divestment of Beijer Tech is a move forward in the consolidation of G & L Beijer towards the strongly growing operation within refrigeration systems and refrigeration components within our Beijer Ref business area. At the same time, G & L Beijer becomes a significant shareholder in Beijer Alma and, as a large owner, we will monitor the development closely,” says Joen Magnusson, Managing Director and CEO of G & L Beijer.
Beijer Tech reported sales of SEK 505M in 2009 and has 180 employees. The transaction is made on a free-from-debt basis and G & L Beijer further strengthens its already strong financial position.
Malmö, 19 March 2010
G & L Beijer AB (publ)
For further information, please contact:
Joen Magnusson, Managing Director
Telephone: +46 40-35 89 00
Mobile: +46 709-26 50 91