Rejlers sells Norwegian telecom business to OneCo
Rejlers Norway is selling its subsidiary Rejlers Telecom AS to OneCo for NOK 12.3 million. The sale was triggered by the fact that Rejlers’ telecom operation in Norway is no longer compatible with the group’s core business and has no place in the group’s future strategy for Norway. By selling the telecom business, Rejlers Norway will be able to focus on areas where we see considerable potential for growth in the future: within Energy, Buildings and IT.
“The telecom operation in Norway is based on a different business model than that of Rejlers’ core business and is not similar to our other telecom operations. Our core business is leading IT and technology consultancy services in Sweden, Norway and Finland, and this is where we will target our resources going forward,” says Viktor Svensson, President and CEO of Rejlers.
Agreement concerning the sale of Rejlers Telecom AS
Rejlers Norge AS has today signed an agreement with OneCo AS concerning the sale of Rejlers Telecom AS. The proceeds from the sale amount to NOK 12,3 million including sale costs and will generate a preliminary sales profit of around NOK 4 million. The company will be excluded from Rejlers’ financial statements with effect from 1 June 2018. Rejlers Telecom AS has 90 employees and an annual turnover of approximately NOK 120 million. The transaction is subject to the Norwegian Competition Authority approval.
A good fit with OneCo’s business
“Rejlers’ telecom business has more potential for development within One Co. Rejlers Telecom AS has a different business model and few synergies with our other business areas in Rejlers Norway. We therefore believe that Rejlers Telecom will be an excellent match for the OneCo Group, which has telecom as part of its core business. It will benefit all employees and customers, as the new owners will be able to add substantial market synergies which will contribute to further development,” says Thomas Pettersen, CEO Rejlers Norway.
OneCo is a well-established company in Norway with 800 employees and a turnover of NOK 1.5 billion. The operation in the Norwegian market primarily focusses on social infrastructure such as electrical power and telecommunication networks. OneCo is also represented in Sweden through OneCo Sverige AB, which aims to take up a similar position in the Swedish market.
About Rejlers Norway
Rejlers Norway provides services to customers across the Nordic region and is represented in all the major cities of Norway, as well as in Motala and Gothenburg in Sweden. Following the sale of Rejlers Telecom AS, we will have around 250 employees and an expected annual turnover of approximately NOK 430 million. We possess unique know-how concerning digitalisation combined with business consultancy expertise within the sectors in which we operate. We generate commercial benefits for our customers through the digitalisation of physical infrastructure, smart choices and strategic use of IT within customer areas such as energy, retail, infrastructure and buildings. We are part of the Rejlers Group, which has 75 years of experience operating as an advisor and technology consultant for industry and the public sector across the Nordic region. Rejlers is listed on Nasdaq Stockholm. www.rejlers.no
For further information:
Viktor Svensson; President and CEO, tel. +46 (0)70 657 20 26, e-mail: email@example.com
Thomas Pettersen; CEO Rejlers Norway, tel. +47 950 22 323, e-mail: firstname.lastname@example.org
Rejlers is one of the largest engineering consultancy firms in the Nordic region. Our 2,000 experts work with projects in the areas of Energy, Buildings, Industry, Infrastructure and Telecom. At Rejlers, you will meet specialist engineers with the knowledge, cutting edge expertise and energy to achieve results. We can be found in 75 locations in Sweden, Finland and Norway. Rejlers recorded revenue of SEK 2.5 billion in 2017 and its class B share is listed on Nasdaq Stockholm.
This information is such that Rejlers AB (publ) is obliged by the EU market abuse directive to publish. The information was submitted through the care of the contact person above for publication on 24 May 2018 at 09:30 CET.