Aerotech Telub To Be Wholly Owned By Saab (Sept. 7)
Saab and TietoEnator have agreed that Saab acquires TietoEnator's holding in AerotechTelub, for SEK 1 100 million.
"AerotechTelub has a strong market position and the services offered are important parts of our core businesses. Saab is already the majority owner but by taking the step to make the company a fully owned subsidiary we increase our possibilities of creating further co-operation and synergies within the Saab Group," says Bengt Halse, President and CEO of Saab AB.
"The parts of AerotechTelub's activities that demand an independent role will remain," Bengt Halse continues.
"TietoEnator focuses strongly on bank and finance, telecommunication and media, the public sector as well as the forestry and energy sectors. The sale of the defence-oriented activities within AerotechTelub is a natural step in this focus. We are pleased to see that the company will now have a majority owner that has the defence sector as one of its core businesses. We are convinced that this change in ownership will contribute to a positive development for AerotechTelub," says Åke Plyhm, deputy CEO of TietoEnator Corporation.
AerotechTelub was formed in 1999 through a merger of Celsius Aerotech and parts of TietoEnator. Since the formation, the ownership has been Saab (previously Celsius) 57 percent and TietoEnator 43 percent. When the agreement on the merger of Celsius Aerotech and parts of TietoEnator was drawn up, a special option agreement was also signed, giving the then Celsius, now Saab, the right to acquire TietoEnator's holding of 43 percent.
The transfer requires approval from the Swedish Competition Authority.
AerotechTelub is a service company which offers qualified technical services and customer-adapted system solutions within information technology, electronics and aviation technology for the military and civil defence, government departments and public authorities as well as selected sectors of trade and industry.
AerotechTelub has 2,600 employees and a turnover of ca SEK 2,4 billion.
Saab is one of the world's leading high-technology companies, with its main operations focusing on defence, aviation and space. The group covers a broad spectrum of competence and capability in systems integration.
With a staff of 10,000 and annual net sales of 1.1 billion euros, TietoEnator is a leading supplier of high value-added IT services in Europe. TietoEnator provides consulting, systems development and integration, operation and support, product development services for customers, and software services. The Group has in-depth knowledge of its customers' businesses in areas such as telecommunications, finance, the public sector and the forest and energy industries.