Sydkraft sells Sycon; becomes part-owner of largest technical consulting firm in Scandinavia
Sydkraft sells Sycon; becomes part-owner of largest technical consulting
firm in Scandinavia
Sydkraft is selling Sycon, a wholly owned consulting subsidiary, with
more than 1,100 employees, to Carl Bro AS, headquartered in Copenhagen,
Denmark. At the same time, Sydkraft becomes part-owner in Carl Bro. The
transaction makes Carl Bro/Sycon one of the largest technical consulting
firms in Scandinavia, with approximately 3,200 employees.
A structural transformation is taking place in the Nordic technical
consulting sector, a process in which Sydkraft, through its subsidiary
Sycon, has taken an active part in recent years. During the past four
years, Sycon has more than tripled in size and its workforce has grown
from 300 to 1,100 employees. The expansion is due primarily to
"The transaction described here is a logical continuation of that
expansion. Our goal has been to develop Sycon to become the leading
technical consulting company in Sweden. As a result of this deal, Carl
Bro/Sycon will become the largest technical consulting company in
Scandinavia," says Sydkraft CEO Lars Frithiof.
In connection with the transaction, Sydkraft acquires an 11-percent
holding in Carl Bro.
Carl Bro is an international consulting operation, with approximately
2,100 employees. The company, which has 80 offices in Europe, Asia,
Africa and South America, noted revenues of approximately DKK 1,450 M in
2000. The principal owner is Bure Equity.
Sycon is one of the six largest technical consulting companies in
Sweden, with 1,100 employees. Sycon has offices in 25 locations in
Sweden, Denmark, Norway and Lithuania. The company has annual revenues
of approximately SEK 840 M.
The transaction, which is contingent upon the approval of the companies'
Boards of Directors, a General Meeting in Carl Bro and of the
competition authorities in both countries, is expected to be concluded
by the year end of 2001.
The parties are in agreement that the purchase price should not be
For further information, please contact Sydkraft's President and CEO
Lars Frithiof, telephone: +46 (0)-40 25 51 00, or Anders Pålsson,
President, Sydkraft's Consulting and Contracting business sector,
telephone: +46 (0)-40 25 58 05.
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