Business Services Industry
AB Angpanneforeningen acquires Benima
Nordic Business Report, May 8, 2006
NORDIC BUSINESS REPORT-8 May 2006-AB Angpanneforeningen acquires Benima(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com
The Swedish technical consulting group AB Angpanneforeningen (AF Group) announced on Monday (8 May) that it has agreed to acquire automation and industrial IT consulting company Benima from Teleca AB.
The purchase consideration of a total of SEK525m will be paid in cash (SEK400m) and shares (SEK125m).
Benima provides technology consulting services in Sweden, Denmark, Finland and Norway. The group has over 500 employees and reported sales of SEK496m in 2005. The acquisition will significantly strengthen AF Group within automation and industrial IT.
AF Group said that the acquired operations will be combined with its existing automation unit to form a new division, AF-Benima, with some 1,000 employees.
In a separate statement Teleca said that the deal is part of its strategy to focus on mobile telephony.
One Swedish krona (SEK) is worth approximately 0.07 British pounds (GBP).
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