The Sale Of Elektrobit Corporation's (EB) Test Tools Product Business To Anite Plc Has Been Completed
The sale of Elektrobit Corporation's ("EB") Test Tools product business to Anite plc ("Anite") has been completed recently. The cash consideration paid by Anite to EB as a result of the Transaction was EUR 31.0 million on a cash and debt free basis, subject to a post completion adjustment based upon the level of net working capital and cash and debt in the Test Tools product business on January 31, 2013. The closing of the Transaction results in a non-recurring net profit of about EUR 23 million in the first quarter of 2013, and non-recurring net cash flow of about EUR 28 million, in the first half of 2013. EB announced the transaction in its stock exchange release on January 28, 2013.
About Elektrobit (EB)
EB creates advanced technology and turns it into enriching end-user experiences. EB is specialized in demanding embedded software and hardware solutions for wireless and automotive industries. The net sales for the year 2011 totaled MEUR 162.2. Elektrobit Corporation is listed on NASDAQ OMX Helsinki. For more information, visit www.elektrobit.com.
About Anite plc
Anite plc, an international software and solutions company, operates in two discrete markets: we provide device and network testing systems to the wireless market and reservation and e-commerce solutions to the leisure travel industry. The success of both divisions is based on our comprehensive knowledge of the sectors and on our proprietary software and hardware products.
Our 530 staff work with the world's leading wireless and travel companies, from our headquarters in the UK and from offices in 15 countries throughout Europe, the Americas, Asia and the Middle East. For more information, visit www.anite.com.
SOURCE: Elektrobit Corporation