Bisnode signs agreement to divest WLW
Bisnode has signed an agreement to sell the company “Wer liefert Was?”(WLW) in Austria, Germany and Switzerland to the German private equity company Paragon Partners. The divestment is in line with Bisnode’s strategy to focus on growth and development in its core business. The purchase price amounts to EUR 79 million (SEK 710m) and is expected to generate a capital gain for Bisnode of approximately EUR 20 million. In connection with completion of the transaction, Bisnode will carry out a capital distribution of around SEK 215 million to the shareholders.
WLW, which offers online search services for companies, has a leading market position in the German-speaking countries. The company, founded in 1932, has around 200 employees and is headquartered in Hamburg. Bisnode acquired WLW in 2008 and in 2010 the company posted revenue of EUR 31.1 million.
"WLW has developed well in the past four years and today has a solid platform for growth in online supplier search services. Bisnode’s strategy is to focus on development and growth in our core business and we have therefore decided to sell WLW, which operates according to another business model and has limited synergies with our other activities," says Fredrik Åkerman, Acting President and CEO of Bisnode.
The sales price amounts to EUR 79 million and the enterprise value to EUR 55.5 million. The capital gain for Bisnode is estimated at approximately EUR 20 million. The transaction is expected to be completed during the first quarter of 2012. In connection with completion of the transaction, Bisnode will carry out a capital distribution of around SEK 215 million to the shareholders.
Fredrik Åkerman, Acting President and CEO, Bisnode
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