Skanska and 3i, an international private equity company, have signed a binding agreement covering the sale of Skanska Services. The sale is conditional upon approval by the European Commission.
The purchase amount is approximately SEK 1.2 billion (approx. € 130m). The transaction will generate a capital gain of approximately SEK 1.0 billion (approx. € 110m) before and also after taxes. This will be included in Skanska´s earnings in the third quarter of 2004. Skanska Services will be deconsolidated as of July 1, 2004 and the transaction is expected to be completed on December 1, 2004, when the payment will be made.
Skanska Services, with about 1,800 employees, supplies and develops service functions in offices, production facilities and public institutions, such as hospitals and schools. Its customers are mainly large Nordic and international companies, as well as public sector institutions. Operations are focused on the Nordic market, in which the company has a leading position. Sales in 2003 amounted to SEK 2 billion (approx. € 220m).
3i is a world-leading company within private equity and venture capital, with a strong presence in the Nordic region. In recent years, 3i has made a number of investments in the facilities management sector in Europe. The company is listed on the London Stock Exchange.
Source: Skanska
