SIX and Ecovision form a Scandinavian financial information group
Ecovision and SIX will merge to form an industrial group with the French Fininfo Group as majority owner. The merger creates one of Scandinavia’s biggest players in professional financial information.
”SIX and Ecovision complement each other with regard both to fields of competence and services as well as our geographic market coverage in Scandinavia. Together we are strong in Sweden. SIX is strong in Denmark and Norway, and we are strong in Finland”, says Mr Per Rastin, CEO of Ecovision.
During November and December, the operations of the companies will be co-ordinated in a common organisation, which will take effect at the turn of the year. Until then, operations will continue in the current organisations. The co-ordination is expected to be carried out without staff reductions.
In legal terms, the merger will be carried out by Ecovision acquiring SIX from AddNode. Payment will be partly cash, partly newly issued Ecovision shares. Ecovision is listed on the First North market.
The new ”SIX-Ecovision” group’s pro forma net turnover in 2005 amounted to approx. 225 million SEK (approx. 24.2 million Euros) with approx. 11 million SEK profit (approx. 1.2 million Euros). The new group represents 20 % of Fininfo's total business,
”We obtain a size, where we will be able to match the market’s major players. The Scandinavian financial information market is in a growth phase, and it is our intention to continue growing, both organically and through additional acquisitions”, says SIX’s CEO, Mr Johan Rost.
The merger will be submitted to Ecovision’s shareholders for decision at an extra general assembly on 7 November. Ecovision’s chairman, Mr Jan-Olof Dahlén, who initiated and has been driving the process leading to the merger, has announced that he plans to retire from the board at that time.
“I will be 65 in the spring and wish to reduce my commitments. To leave now, when the transaction is completed, feels like the right thing to do”, says Mr Dahlén.
Mr Dominique Leblanc, Fininfo’s Assistant Director General, will be proposed as new chairman. AddNode’s CEO, Mr Bo Strandberg, will be suggested as new member of the Ecovision board of directors.
Fininfo and AddNode will propose that the board of Ecovision appoints
Mr Johan Rost CEO and Mr Per Rastin deputy CEO responsible for sales and marketing of the new organization.