12:03, 17 June 2009 Page views 314 views

Ingenico Announced Disposal of Sagem Denmark and Manison Finland

(no votes)

On June 12, 2009, Ingenico announced the disposal of Sagem Denmark and Manison Finland to BBS, a leading provider of electronic ID, payment and information solutions in the Nordics. The disposal is combined with the signature of a strategic partnership with BBS for the distribution of Ingenico’s Telium based terminals in this region.

Following the transaction that will be in cash, BBS will hold 100% of these two entities which contributed, in 2008, in revenue of €39.1 million and operating margin of €4.6 million. The closing of the transaction should take place in the next 60 days.

Philippe Lazare, Ingenico Chief Executive Officer, commented: “The disposal of these two companies acquired as part of the transaction of Sagem Monetel is an opportunity to withdraw from non strategic activities but also to reinforce our commercial position in Nordic countries thanks to BBS leadership in this region. This disposal also very substantially strengthens our liquidity position and thus, our strategic flexibility.”

Ola Forberg, BBS Chief Executive Officer, added: “Ingenico has been a strategic partner within the area of payment terminals for several years. This acquisition is important for us to achieve our ambition of becoming the leading provider of merchant solutions in the Nordics. With this acquisition we have strengthened our cooperation with the world’s leading provider of payment solutions.”


Plusworld.org - only
the main news on the Market!