Cybercom sells UK operation and focuses on growth in Asia
Cybercom signed a contract with the UK’s Digital Marketing Group plc regarding sale of Cybercom Group UK Ltd, a Cybercom subsidiary. The purchase price was GBP 6 million, which yields approximately SEK 43 million in profit from the sale.
“Right now, the UK isn’t one of our main markets,” says Patrik Boman, president and CEO of the Cybercom Group. “And sale of this operation is aligned with Cybercom’s strategy. We want to continue to grow in Eastern Europe and Asia. In addition, this is a good, profitable deal.”
Cybercom established its UK operation in 2002. Today, it has 37 employees who are engaged in many e-commerce projects. In 2007, Cybercom sales in the UK reached GBP 4.8 million. The purchase price was GBP 6 million. Cybercom’s profit from the sale reached approximately SEK 43 million, and the deal affects profit per share by at least SEK 1.70 this year.
“Our profitable, well-run UK subsidiary has an attractive skills base,” says Peter Keller-Andreasen, VP and COO of the Cybercom Group. “And this deal confirms that fact. The Digital Marketing Group gave us a very good impression, and we think that our UK colleagues face a great future with this company.”
Final consolidation is on 30 September 2008, and sale of the Cybercom Group UK Ltd operation will thus be disclosed in the Cybercom Group Europe financial accounts. More detailed information will be presented in the upcoming Q3 report. Advisors in this deal have been GP Bullhound Ltd and Allen & Overy LLP.