Norwegian IT company EDB Business Partner ASA divests Swedish subsidiary Indata

Nordic Business Report,  June 23, 2008  

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NORDIC BUSINESS REPORT-23 June 2008-Norwegian IT company EDB Business Partner ASA divests Swedish subsidiary Indata(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com

Norwegian IT company EDB Business Partner ASA (OSE: EDBASA) said on Monday (23 June) that it has agreed to sell its Swedish subsidiary Indata to BancTec AB.

Indata forms part of EDB Business Partner's IT Operations business area in Sweden. The company has 50 employees and generated revenues of SEK30m in 2007.

The sales price was not disclosed, but EDB Business Partner said that the divestment will cause an extraordinary asset write-down of NOK6m. The sale is at the same time expected to strengthen the IT Operations business area's profitability.

EDB Business Partner, headquartered in Oslo, Norway, is one of the largest Nordic IT groups. The group has 6,000 employees in Norway, Sweden, Denmark, Ukraine, the UK and India and has an annual turnover of NOK8bn.

One British pound (GBP) is worth approximately 11.90 Swedish kronor (SEK). One British pound (GBP) is worth approximately 10.18 Norwegian kroner (NOK).

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