Opus has signed an agreement for a proposed sale and leaseback of properties
Opus has signed an agreement for a proposed sale and leaseback of various properties held by Opus. The closing of the sale and leaseback is conditioned upon certain conditions precedent, including buyer’s due diligence. Opus expects to close the transaction in September 2020. The buyer-lessor is Fundamental Income Properties, LLC. The sales price is expected to be approximately SEK 500 million, and the estimated pre-tax gain for Opus Group is around SEK 300 million.
The lease agreements will give Opus an initial term and optional renewal terms to allow for a total of up to 35 years. The rental terms for the properties are market standard.
“Given the uncertain times as a result of COVID-19, Opus is focused on increasing its financial flexibility”, says Lothar Geilen, CEO of Opus. “The available cash resulting from the transaction gives Opus more options to increase its competitiveness. The lease agreements allow Opus full flexibility for its continued operations for a very long time.”
Gothenburg, September 1, 2020
Opus Group AB (publ)
This is information that Opus Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation.
The information was submitted for publication, through the agency of the contact persons set out herein, at 08:30 CEST on September 1, 2020.
For additional information, please contact:
Lothar Geilen, CEO
Tel: +46 31 748 34 00
E-mail: lothar.geilen@opus.se
Linus Brandt, CFO & Executive Vice President
Phone: +46 722 44 09 05
E-mail: linus.brandt@opus.se
About Opus
Opus is a technology-driven growth company in the vehicle inspection and intelligent vehicle support markets. The company has a strong focus on innovative technologies and customer service within vehicle emission and safety testing and within vehicle programming, scanning and diagnostics. Opus reached SEK 2.7 billion in revenues in 2019 with solid operating profit and cash flow. The majority of the company’s future growth is projected to come from the expansion of our vehicle inspection business, including the continued expansion of Equipment as a Service, and from the expansion of our intelligent vehicle support business. With approximately 2,600 employees, Opus is headquartered in Gothenburg, Sweden. Opus has 36 regional offices, 26 of which are in the United States and the others in Sweden, Argentina, Chile, Mexico, Peru, Pakistan, United Kingdom, Spain and Australia. Opus has production facilities in the U.S. in Hartford, CT, Ann Arbor, MI and Tucson, AZ. Opus’ shares are listed on Nasdaq OMX, Stockholm.