LBi receives USD 7.5 million for Atos Origin Middle East stake
LBI International AB ("LBi"), the leading international full service
digital agency network, has received a payment of USD 7.5 million for
its 10,000 shares representing an 8.1% stake in Atos Origin Middle
East (AOME). This payment is resulting from the sale of AOME to
Hewlett Packard (HP). LBi acquired its 8.1% stake in AOME when it
sold the
Escador Germany business in August 2006. At the time of the sale, LBi
received AOME shares.
The cash proceeds from the sale of LBi's stake will significantly
enhance LBi's cash
position. Together with its existing arranged debt facility, LBi will
use the cash and debt to complete its targeted acquisitions. LBi
negotiated with AOME management and HP to receive a full cash payment
for its stake eliminating any future risk of liabilities.
LBi will continue to partner and work closely with AOME management
and staff on future opportunities in the region.
The full details of the transaction will be reported in LBi's fourth
quarter and end-of-year report to be issued in February 2008. The
effect of this sale and the receipt of cash for LBi's stake will
result in an extraordinary downward adjustment of approximately
EUR 1.1 million to the reported net income but will have no impact to
reporting operating income or EBIT. This adjustment is due partly to
US dollar currency devaluation and a (non-cash) discount on the sale
proceeds relative to overall book value.
For further information please contact:
Robert Pickering, CEO, LBI International AB
+31 20 460 45 00, robert.pickering@lbi.com
Theo Cordesius, COO, LBI International AB
+31 20 460 45 00, theo.cordesius@lbi.com
Eva Ottosson, Group Communications Manager, LBI International AB
+46 709 41 21 40, eva.ottosson@lbi.com
About LBi:
LBi is the leading international full service digital agency network,
servicing clients with marketing and technology solutions. The
Company employs approx. 1,400 professionals located primarily in the
major European and American business centers, such as Amsterdam,
Berlin, Brussels, Copenhagen, London, Madrid, Milan, Mumbai, Munich,
New York and Stockholm. Through interdisciplinary teams, LBi creates
innovative multi-channel solutions for its national and international
corporate clients by uniquely combining strategy development and
creative design with specific industry expertise and latest digital
technology. LBi was formed by the merger of LB Icon and Framfab in
August 2006 and is listed on Euronext in Amsterdam as well as on the
OMX Nordic Midcap segment in Stockholm (symbol: LBI).
