SAMPO PLC STOCK EXCHANGE RELEASE 28 November 2019 at 2:45 pm
Supplement to Sampo's stock exchange release published on 28 November 2019 at 9:30 am EET: If acquires roadside assistance company Viking
Sampo supplements the stock exchange release published on 28 November 2019 at 9:30 am EET with regard to Viking's financial development and position and effects of the transactions on If and Sampo Group.
The supplemented information is presented below.
With this strategic acquisition If strengthens its position in the Nordics by providing more comprehensive service for its insurance customers and partners such as carmakers. The financial effect of the acquisition on Sampo Group is not expected to be significant.
Viking is one of the leading roadside assistance companies in the Nordics with over 3,000 employees in its franchise network and 320 stations.
In 2018, Viking's revenue was NOK 774 million (approximately EUR 77 million), which was generated primarily from group's subsidiaries in Norway, Sweden and Denmark. The group has also a subsidiary in Finland and a call center in Spain. In 2018, over 60 per cent of the revenue was generated in Norway. In 2018, Viking's ebitda was NOK 45 million (EUR 4 million) and adjusted ebitda NOK 70 million (EUR 7 million). Viking's total assets were NOK 1,027 million (EUR 102 million) at the end of 2018.
The enterprise value of EUR 114 million of the transaction consists of the acquisition price of EUR 32 million and the net debt of 82 EUR million.
After the acquisition is finalized, Viking will continue its operations normally as an independent company with its current organization.
The original stock exchange release is included below.
If acquires roadside assistance company Viking
If P&C Insurance Holding Ltd (publ) has today signed an agreement to buy Viking Redningstjeneste TOPCO A/S. The acquisition price for 100 per cent ownership is EUR 32 million (NOK 325 million) which is paid in cash. The enterprise value is EUR 114 million.
Viking is a Nordic roadside assistance company headquartered in Norway. It serves its customers through an extensive nationwide network of stations in Norway, Sweden, Denmark and Finland. The acquisition of Viking will strengthen If's offering towards its partners and further improve If's position as the leading Nordic insurance and service provider within the mobility area.
The transaction is subject to approval by competition authorities in Norway and Sweden and is expected to be finalized in early 2020.
SAMPO PLC
Maria Silander
Communications Manager, Media Relations
tel. +358 10 516 0031
Further information:
Måns Edsman
CFO
If P&C Insurance Holding Ltd (publ)
tel. +46 10 603 7174
Mirko Hurmerinta
IR & Communications Specialist
Sampo plc
tel. +358 10 516 0032
Distribution:
Nasdaq Helsinki
London Stock Exchange
The principal media
Financial Supervisory Authority
www.sampo.com
