ICP announces divestment of Memorex
Investor Capital Partners announced that it has entered into definitive agreement to dispose of its entire effective interest in Memorex International Inc. for approximately USD 70.0 million in cash consideration and a contingent payment of up to USD 8.4 million upon fulfillment of certain financial performance. Investor AB’s share of the Asia Fund amounts to 62 percent.
The investment in Memorex International Inc. was made in December, 2003. The company and its subsidiaries are principally engaged in the sale and distribution of Memorex branded consumer data storage media, computer accessories and consumer electronic products.
The transaction is the third divestment of the Asia Fund, which engages in buyouts and co-control transactions within the branded consumer goods, branded consumer services and manufacturing industries, predominantly in Greater China.
The Asia Fund was established in May 2000 with committed capital totaling USD 322 million, including USD 200 million from Investor AB. Prior to the current divestment, the Asia Fund made four investments and two exits.
For further information:
Winnie Fok, Chief Executive, Investor Asia Limited, Hong Kong,
+852 2801 6823, +852 2971 5876
Oscar Stege Unger, Investor Relations Manager, Stockholm,
+46 8 614 2059, +46 70 624 2059