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2007-12-05 14:45:00 CET 2007-12-05 14:45:00 CET REGULATED INFORMATION Satama Interactive - Company AnnouncementSATAMA INTERACTIVE PLC DIVESTS ITS DUTCH OPERATIONSAs a part of focusing its operations, Satama Interactive divests its Dutch business operations to Lost Boys NV, the Dutch subsidiary of LBI International AB for a total consideration of EUR 8,1 million. The transaction will result in an approximately EUR 3,3 million profit from divestments in Satama's fourth quarter earnings. The divestment will reduce the net sales of Satama's final quarter in 2007 by approximately EUR 1,2 million. ”Satama Holland has been an independent unit focusing on designing and implementing of high-end digital services. The combined company which Satama and Trainers' House form by merging on 31 December 2007, will be a growth system company. Operations of the combined company are based on productized service concepts that will be internationalized. We believe that with its current operations Satama's Dutch unit does not fit in the internationalization strategy of the combined company. We decided it is more rational to divest than start changing their business forcefully to match with our future needs,” says Satama's CEO Jarmo Lönnfors. The transaction enters into force today 5 December 2007 and the transition of business operations has been agreed to take place from 1 November 2007. Satama's Dutch operations' net sales from the period of 1 January - 31 October 2007 was EUR 6,1 million and operating profit EUR 0,3 million. On 31 October 2007 Satama Holland employed approximately 60 people. As a purchase price from selling the operations Satama receives EUR 6,7 million and EUR 1,4 million related to receivables from the Dutch business operations, in total of EUR 8,1 million. EUR 1,5 million of the total consideration is used to cover facility liabilities and other costs related to closing down the operations. In addition, a possible earn-out payment depending on the revenues and profitability of the sold operations will be paid in 2008. All of the considerations are paid in cash. Satama Interactive Plc Jarmo Lönnfors CEO FURTHER INFORMATION Jarmo Lönnfors, CEO, tel. +358(0)500 405 178 DISTRIBUTION OMX Nordic Exchange Helsinki Prominent media sources |
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