STOCKHOLM, Sweden, Sept. 16, 2019 /PRNewswire/ -- Tobii AB (publ) has appealed the Competition and Markets Authority's (CMA's) decision regarding a full divestiture of Smartbox. The appeal has been handed in to the United Kingdom Competition Appeal Tribunal (CAT). In parallel, Tobii continues the divestiture process in line with the CMA's decision.
"Tobii is proceeding with the divestiture of Smartbox at full force in line with the CMA's decision. After having conducted a detailed review of the CMA's complete report we have also decided to appeal the decision to the CAT as we fundamentally disagree with the CMA's conclusions. A merger would have accelerated innovation and provided more choice for the benefit of the global community in need of assistive technology", said Henrik Eskilsson, CEO, Tobii Group. "Tobii will continuously adjust its course of action depending on the progress in these parallel tracks".
Background
On October 1, 2018 Tobii AB (publ) acquired Smartbox Assistive Technology Ltd, a UK based company operating in the field of assistive technology for communication. Tobii paid the owners/founders GBP 11 million in cash, corresponding to approximately SEK 130 million. Smartbox employs some 70 people. Net sales in 2017 were GBP 9,3 million, corresponding to approximately SEK 110 Million.
Upon the announcement of the acquisition, the CMA opened an investigation under UK competition law. The two companies' brands and operations have been held separate, pending the completion of the CMA's review.
The CMA announced the final conclusions of its investigation on August 15 and required a full divestiture of Smartbox by Tobii.
CONTACT:
Contact
Ola Elmeland, Investor Relations, Tobii AB, phone: +46 (0) 734 409 862, email: ola.elmeland@tobii.com
Nils Lindhe, VP Corporate Communications, phone: +46 (0) 768 94 84 84, email: nils.lindhe@tobii.com
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/tobii-ab/r/tobii-appeals-cma-s-decision-to-divest-smartbox,c2906026
The following files are available for download:
https://mb.cision.com/Main/2874/2906026/1106684.pdf | Tobii appeals CMA's decision to divest Smartbox |
