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Sdiptech divests the Swedish elevator business

Sdiptech AB
·3-min read

Press release
19 February 2021, 17:45

Sdiptech divests the Swedish elevator business

Sdiptech AB (publ) has entered into an agreement with TK Elevator Sweden AB (formerly: thyssenkrupp Elevator) to sell the Swedish elevator operations in Sdiptech's business area Property Technical Services. The purchase price amounts to a total of SEK 233 million on a cash and debt-free basis, of which Sdiptech's shares in the companies are valued at SEK 154 million.

Sdiptech's Swedish elevator business specialises in renovation, modernisation and service of elevators in Stockholm. The business units have been part of Sdiptech's business area Property Technical Services and in the financial year 2020 the sales amounted to approximately SEK 300 million and the operating profit (EBIT) to approximately SEK 15 million.

"The divestment is in line with Sdiptech’s set direction to concentrate growth efforts to the Water & Energy and Special Infrastructure Solutions business areas. The transaction has been prepared in agreement with the founders and management of the Swedish elevator operations. With TK Elevator as one of the world’s leading elevator group, the companies get a new good home, a long-term owner with extensive industrial expertise and experience in the elevator business”, says Jakob Holm, CEO of Sdiptech.

The transaction in brief

  • The purchase price for S:t Eriks Hiss AB, Stockholms Hiss- & Elteknik AB, KM Hiss & Portservice AB, Hisspartner i Stockholm AB and ManKan Hiss AB amounts in total SEK 233 million on a cash and debt-free basis.

  • Of which Sdiptech owns 51 percent of the shares in S:t Eriks Hiss AB, KM Hiss & Portservice AB and Hisspartner i Stockholm AB, and

  • 95 percent of the shares in Stockholms Hiss- & Elteknik AB and ManKan Hiss AB.

  • The divestment is expected to be completed after the Swedish Competition Authority's approval in April 2020.

  • Information regarding the completion of the divestiture will be announced as soon as the transaction is completed.

For additional information, please contact:
Jakob Holm, VD, +46 761 61 21 91, jakob.holm@sdiptech.com

Bengt Lejdström, CFO, +46 702 74 22 00, bengt.lejdstrom@sdiptech.com
My Lundberg, IR & Sustainability Manager, +46 703 61 18 10, my.lundberg@sdiptech.com

Sdiptech's common share of series B share is traded under the short name SDIP B with ISIN code SE0003756758. Sdiptech AB's preferred shares are traded under the short name SDIP PREF with ISIN code SE0006758348. Sdiptech AB's Certified Adviser at Nasdaq First North Premier Growth Market is Erik Penser Bank, +468-463 83 00, certifiedadviser@penser.se. Further information is available on the company's website: www.sdiptech.com

Sdiptech AB is a technology group with a primary focus on infrastructure segments critical to well-functioning societies and to welfare, e.g. water & sanitation, power & energy, transportation, energy efficiency and air climate. As part of our offering in urban areas, we also provide niched technical services for buildings and real-estate such as renovation of elevators and roofs. The company has approximately SEK 2,000 million in sales and is based in Stockholm.

Sdiptech AB (publ) is required to disclose this information pursuant to EU Market Use Regulation 596/2014.The company is based in Stockholm. The information was provided by the above contact persons for publication 19 February 2021 at 17:45 CET.

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