Skipti hf.
Skipti sells Sirius IT

Skipti hf. / 

09.06.2010 11:32

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The issuer is solely responsible for the content of this announcement.

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Skipti hf. has entered into an agreement to sell the information technology
company Sirius IT, which has operations in Denmark, Norway and Sweden. The
buyer is Visma, a Norwegian IT company based in Oslo. The selling price is
confidential, but with the sale, Skipti's total profit from the investment in
Sirius IT will be approximately ISK 5.5 billion. The payment will be in cash.
Skipti will use proceeds from the sale to pay down a total of 8.7 billion ISK
of debts.
 
In November 2006 Skipti hf., in partnership with key management, established
Sirius IT, to acquire the part of the Finnish IT company TietoEnator, which
primarily provides services to public entities. Sirius operations have been
very successful. Last year, the company's income amounted to 435 million Danish
kroner, which corresponds to ISK 9.1 billion. Earnings before depreciation and
financial items (EBITDA) amounted to 66 million Danish kroner, which
corresponds to ISK 1.4 billion. 

Skipti CEO Brynjólfur Bjarnason: 
'Sirius IT has proved to be a very successful investment for Skipti. In just
over three years, the company has achieved an enviable position in the Nordic
IT market. The staff and management have been doing excellent work to make the
company into what it is today. As everyone knows, circumstances at Skipti have
changed; we are now focusing primarily on our core operations;
telecommunications and the integration of telecommunications and IT services in
our home market, Iceland. We firmly believe that Visma has the potential to
further develop Sirius IT as a company, in good cooperation with the management
and staff. We are satisfied with the sale price and feel that it is a positive
achievement to be able to realise a gain of ISK 5.5 billion on a foreign
investment in these times. We will use the cash to strengthen Skipti's
financial position and to pay off debts faster than planned.'

News Source: NASDAQ OMX



09.06.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      Skipti hf.
              
               
              Iceland
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         IS0000011948
WKN:          
 
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