Finland's Asiakastieto to Buy Swedish Credit-Rating Agency for EUR340 Million
April 24 2018 - 6:02AM
Dow Jones News
By Dominic Chopping
Business and consumer information provider Asiakastieto Group
Oyj (ATG1V.HE) on Tuesday agreed to buy Swedish credit-reference
agency UC AB from a group of Nordic banks for 340 million euros
($416 million) in cash and new shares.
In a joint statement, the companies said the deal is in response
to new technologies and increasing regulation, as the combined
group will be able to exploit data in a more efficient manner.
Companies are increasingly focusing on their core businesses and
there is an increasing demand for cross-border services, they
said.
"Asiakastieto and UC will join forces to meet the changing
customer needs," the statement said. "The combination of
Asiakastieto and UC creates one of the leading Nordic companies in
digital services and data innovation with strong market positions
in Finland and Sweden."
The deal comprises EUR98.8 million in cash and 8,828,343 newly
issued shares in Finland's Asiakastieto that will be split between
UC's current owners: Skandinaviska Enskilda Banken AB (SEB-A.SK),
Nordea Bank AB (NDA.SK), Svenska Handelsbanken AB (SHB-B.SK),
Swedbank AB (SWED-A.SK), the Swedish branch of Danske Bank A/S
(DANSKE.KO) and Lansforsakringar Bank AB.
In separate announcements, SEB said it owns 28% of UC and will
receive 2,441,920 shares in Asiakastieto--equivalent to 10.2% of
the Finnish company--and 300 million Swedish kronor ($35.5 million)
in cash. Nordea said it owns 26.1% of UC and will receive 2,303,315
shares in Asiakastieto, equivalent to 9.6% of the company and EUR26
million in cash.
Handelsbanken said its 24.5% stake in UC will give it 2,161,178
Asiakastieto shares, corresponding to 9% of the company and EUR24.2
million in cash, while Swedbank owns 20% of UC's shares and will
receive 1,765,669 Asiakastieto shares, equaling 7.4% of the company
and approximately SEK200 million in cash.
Annual synergies from the deal are expected to total at least
EUR17 million by 2021.
Completion is expected in the second quarter of 2018, subject to
shareholder and regulatory approval.
Asiakastieto shares trade 5.1% higher in Helsinki at
EUR28.70.
Write to Dominic Chopping at dominic.chopping@wsj.com;
@domchopping, @WSJNordics
(END) Dow Jones Newswires
April 24, 2018 05:47 ET (09:47 GMT)
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