Nordic Business Report-May 23, 2006-Semcon AB acquires 30% stake in Kongsberg Devotek AS, divests Semcon Norge AS
(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com
The Swedish IT group Semcon AB said on Tuesday (23 May) that it has agreed to acquire a 30% stake in Norwegian product development company Kongsberg Devotek AS, which at the same time will acquire Semcon's Norwegian subsidiary Semcon Norge AS.
The purchase price for the 30% stake in Kongsberg Devotek is NOK16m, part of which will be paid in shares in Semcon. The purchase price for Semcon Norge is NOK7m.
Kongsberg Devotek provides product development for the automotive industry and runs technical projects for various industrial companies on the Norwegian market. It has 60 employees and reported sales of NOK55.4m in 2005.
Semcon Norge provides software development, testing and project management. It has 15 consultants and reported sales of NOK23.1m in 2005.
One Norwegian krone (NOK) is worth approximately 0.09 British pounds (GBP).
((Comments on this story may be sent to [email protected]))
