Bure-owned Carl Bro merges with Sweco

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Bure-owned Carl Bro merges with Sweco to form one of Europe's largest technology consulting companies Bure has today signed an agreement in principle to sell the company's shareholding in the Danish technology consulting company Carl Bro to Sweco. For Bure, which owns more than 50 per cent of Carl Bro, the deal frees up SEK 214M realising an anticipated exit gain of more than SEK 80M. Bure's shareholding in the merged Sweco/Carl Bro will amount to seven per cent of the capital. "We acquired Carl Bro with the expressed intention to play a proactive part in the consolidation of the technology consulting sector in the Nordic countries. Through its acquisition of the Swedish technology consulting company Sycon in December 2001, Carl Bro achieved a stronger market position and gained access to supplementary expertise. Through the merger with Sweco, a further step is taken in building a group with a leading position in Europe," says Peter Sandberg, President and CEO of Bure. "Today's agreement also means that Bure frees up capital for new investments to build new structures in fragmented growth markets in which we can create a similar value." "The merger of Sweco and Carl Bro will create one of the strongest operators in the technology consulting market with a leading position in the water, environment, transport, construction, building, architecture, installation and energy sectors. Our operations will be strengthened through the transaction, both from a geographic and competence viewpoint. This will benefit both our customers and our staff," says Jesper Rasmussen, President of Carl Bro. Bure's agreement in principle with Sweco means that the company and the other owners of Carl Bro - Sydkraft, Lønmodtagarnas Dyrtidsfond and Carl Bro's corporate management - sell shares equivalent to 97 per cent of the total number of shares in Carl Bro. As a part of the deal financing, Sweco will implement a guaranteed new share issue with a right of preference of SEK 207M to the existing shareholders at a subscription price of SEK 70 per share. This will also strengthen the financial base of the merged company. The issue is guaranteed by Sweco's principal owners, Latour and the Nordström family. In the transaction, 100 per cent of the shares are valued at SEK 640M. 67 per cent of purchase price will be paid with liquid funds and 33 per cent with newly-issued B shares in Sweco. The exit gain is dependent on the development of the Sweco share until the day of taking possession. The acquisition is subject to examination by the Swedish Competition Authority and due diligence. Gothenburg, 7 October 2002 Bure Equity AB (publ) For further information, please contact: Peter Sandberg, President, Bure +46 709-63 09 01 Börje Bengtsson, Senior Investment Manager, Bure +46 708-28 49 87 Jesper Rasmussen, President, Carl Bro +45 43 48 45 45 www.bure.se www.carlbro.com Bure Equity AB (publ) Bure is a leading Swedish private equity company. Its business objective is to become a proactive owner of knowledge-intensive service companies which have the potential to become market leaders in their sectors. By investing capital, knowledge and experience, and providing access to the Bure Group's entire network, Bure develops companies and participates in the restructuring of whole sectors. Bure is based in Sweden but its perspective is international. Bure was established in 1992 and is quoted on the A list of the Stockholm Stock Exchange. Carl Bro The Danish company, Carl Bro, is the largest technology consulting company in Scandinavia with sales of approximately SEK 2,700M and around 3,100 staff in Denmark, Sweden, Norway, United Kingdom, Ireland and Lithuania. Carl Bro carries out technology consulting operations in the building, construction, infrastructure, water, environment, energy, installation and IT/telecom sectors. Carl Bro also carries out a large number of international projects, including development and aid projects in Asia and Africa. Customers include Danmarks Radio, Danske Bank, World Bank, EU, Seven Trent and the Scottish Office. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/10/07/20021007BIT00110/wkr0001.doc http://www.waymaker.net/bitonline/2002/10/07/20021007BIT00110/wkr0002.pdf