Loomis AB has entered into an agreement to acquire 100 per centFraction of a currency representing the hundredth of the unit of account. More of the shares in Cobelguard CIT NV. Cobelguard conducts domestic cashMoney in physical form such as banknotes and coins. More handling services and is based in Ghent, Belgium. The enterprise value, i.e. purchase price plus acquired net debt, is approximately EUR 12 million, corresponding to approximately SEK 114 million. There is also an agreed possible future earn-out of maximum EUR 5 million based on the future financial performance.
Cobelguard has approximately 170 employees and annual revenue in 2016 was approximately EUR 12 million.
The business will be reported in segment Europe and consolidated into Loomis as of closing of the transaction. The closing dateThe year in which a medal or coin was minted. On a banknote, the date is usually the year in which the issuance of that banknote - not its printing or entering into circulation - was formally authorised. More is expected to be January 30, 2017. The purchase price is payable on closing. Due to acquisition related costs and integration costs the acquisition is expected to have a marginal negative impact on the earnings per share of Loomis in 2017.
“This acquisition further expands our European footprint and gives us the opportunity to benefit from the outsourcingTo commission a third party to conduct a part of the business, because it allows management to concentrate in the core business area. Outsourcing an activity, does not remove the responsibility for what is done on behalf and in the name of the institution and it should maintain the reputational impact of the activity intact. More trend, which we believe will accelerate in Belgium in the coming years. We welcome all new employees and customers to the Loomis group”, says Patrik Andersson, President and CEO of Loomis.