El & Industrimontage and Goodtech to merge
The main owners of E&I Intressenter (E&I) have agreed to merge Swedish El & Industrimontage Group with Norwegian technology and engineering group Goodtech ASA. The transaction is expected to be completed in October 2010 conditional on acceptance by Goodtech’s AGM and by at least 90.1% of the share capital in E&I. Upon completion of the transaction, the owners of E&I will hold 50% of the shares in the merged company.
El & Industrimontage Svenska AB is a leading electrical and process installation supplier in Sweden with annual revenues of approximately SEK 1.5 billion and approximately 1,000 employees. Goodtech ASA, listed on the Oslo Stock Exchange, is an independent supplier of electrical engineering, environmental technology and industrial technology in the Nordic market.
The merged company will be named Goodtech and have estimated revenues of approximately SEK 2.2 billion and 1,400 employees in over 40 locations in Sweden, Norway and Finland.
E&I Intressenter is being advised by Mannheimer Swartling on the matter. The firm’s team handling the transaction is led by Mattias Karlsson, primarily assisted by Patrik Marcelius and Andreas Steen.