Bure sells its holding in Cygate
Bure has signed an agreement for the sale of its holding in Cygate to TeliaSonera. The sale will provide Bure with proceeds of approximately SEK 630 million and an exit gain of approximately SEK 310 million.
Bure sells its holding of 98.66 per cent of the shares in Cygate to TeliaSonera. Bure receives a total purchase amount, after transaction costs, of approximately SEK 630 million and the capital gain in the Parent Company is approximately SEK 310 million.
"I consider the deal industrially correct for Cygate. Together with TeliaSonera Cygate will be able to strengthen and broaden its customer offerings. TeliaSonera takes over a very well managed company”, says Mikael Nachemson, president of Bure.
Bure appointed a new management for Cygate in 2003 and has thereafter actively restructured the company, transformed the business model and improved the underlying profitability.
The sale is subject to approval by the Swedish Competition Authority.
Gothenburg, 16 November 2006
Bure Equity AB (publ)