Generic is selling its consulting business
June 21, 2017
Stockholm, June 21, 2017
Generic Sweden is selling its consulting business, Generic Systems, to MSC Group AB.
Generic Sweden AB has today entered into an agreement with MSC Group AB (publ) to sell 100% of the shares in Generic Systems Sweden AB to MSC Group. The sale is effective as of today.
Payment for the shares in Generic Systems Sweden AB will be made partly through a cash payment of 6,000,000 kronor and partly through 2,500,000 new Class B shares in MSC Group. (The closing price of MSC Group’s Class B share on June 20 was SEK 2.20.) The sale results in a book loss of approximately SEK 8.5 million.
Lars Save, President and CEO of MSC Group: “The acquisition of Generic Systems will be a central part of an exciting and, in part, new business area for MSC. We intend to continue operating the business with a continued primary focus on defense agencies. With this acquisition, MSC is strengthening and broadening its presence among government agencies in the fields of public infrastructure, security, and defense. We view this as a very interesting market segment where MSC has the opportunity to expand and where Generic Systems will become a central and significant part of our business.”
Fredrik Svedberg, CEO of Generic Sweden: "Generic Systems is now joining a larger consulting firm with operations in several complementary areas, and it is positive for Generic Systems that the company and its consultants will become a central part of MSC’s future efforts, which will focus primarily on the defense market."
Generic Sweden's sale of its consulting business represents a refocusing on telecommunications, and future initiatives will be based on its existing telecommunications operations.
For more information, visit www.generic.se, or contact:
CEO Fredrik Svedberg
fredrik.svedberg@generic.se
This is Generic
Generic Sweden AB operates in the consulting and telecommunications sectors, focusing on critical communications in areas where extremely high reliability is required. The consulting division provides services and solutions for command and communication systems to the defense sector, government agencies, and industry. The telecommunications division is a specialized telecom operator that operates its own radio network and offers messaging services for critical situations under the Minicall and Messit brands. The Group generated revenue of SEK 103 million in 2016 and has approximately 60 employees. The stock is traded on NASDAQ OMX First North Premier under the ticker symbol GENI. Remium Nordic AB is the company’s Certified Adviser.
Additional information about the company is available at www.generic.se
This information is information that Generic Sweden AB is required to disclose under the EU Market Abuse Regulation. The information was submitted for publication on June 21, 2017, at 5:45 p.m. CET, through the contact person listed above.