Marieberg finalizes the sale of 50 per cent in Duni to Scandinavian equity partners
Tidnings AB Marieberg ("Marieberg") has signed a final agreement with Scandinavian Equity Partners Limited ("SEP") for a sale of 500 per cent of the shares in Duni Holding AB, a newly formed company which owns all shares in Duni AB. The transaction is part of a focusing of Marieberg as a media company. SEP and Marieberg will jointly continue to develop Duni in anticipation of a future stock market floatation.
Marieberg and SEP will own 50 per cent each in Duni Holding, which has acquired Duni AB for MSEK 3,100. Duni Holding has been financed by equity of approximately Marieberg of MSEK 600 at 13.1 per cent interest. In addition Marieberg has the right to dividend from Duni Holding in 1998 of MSEK 150. Marieberg's loan will then increase to MSEK 750 and the rate of interest will be reduced to 10.5 per cent.
The transaction is expected to result in capital gain (relating to 50 per cent) for the Marieberg Group of approximately MSEK 900 after appropriations relating to certain undertakings. After deconsolidation of Duni Holding the net debt of the Marieberg Group is expected to be reduced by approximately MSEK 3,800. Marieberg intends to equity account for its remaining 50 per cent share in Duni Holding as from 1997.
SEP is an active financial owner that acquires medium sized Northern European companies with Development and growth potential. SEP was established at the end of 1994 by Investor AB, Skandinaviska Enskilda Banken and the American investment company AEA Investors Inc. SEP's investment strategy is based on the Wallenberg group's industrial involvement and traditions. SEP is funded by a group of Northern European and international investors, which together have made a total of MSEK 2,900 available to SEP.
Stockholm, January 30, 1997