Ingenico Sells Denmark and Finland Entities to BBS
Ingenico announces the sale of SAGEM DENMARK and MANISON FINLAND to BBS
Ingenico announces today the sale of Sagem Denmark and Manison Finland to BBS, a leading provider of electronic ID, payment and information solutions in the Nordics. The sale 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 EUR 39.1 million and operating margin of EUR 4.6 million. The closing of the transaction should take place in the next 60days.
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 co-operation with the world's leading provider of payment solutions."
About Ingenico (ING)
Throughout the world, banks and retailers rely on Ingenico for secure and expedient electronic transaction acceptance. Ingenico solutions leverage proven technology, established standards and unparalleled ergonomics to provide optimal reliability, versatility and usability. This comprehensive range of products is complemented by a global array of services and partnerships, enabling businesses in a number of vertical sectors to accept transactions anywhere their business takes them. For more information about Ingenico, please visit: www.ingenico.com.
Sagem, Ingenico, BBS
