EDB sells Swedish unit to BancTec

EDB sells Swedish unit to BancTec

Nordic IT services group EDB Business Partner is selling its Swedish subsidiary Inndata to US BPO vendor BancTec. Financial terms of the deal were not disclosed.

The sale of Inndata - which represents just part of EDB's Swedish business - will see 50 full-time positions move to BancTec from 1 July.

EDB says the sale of Inndata - which generated annual revenue of SKr30 million in 2007 - will result in an extraordinary asset write-down of around NKr6 million.

But the vendor says the sale is "is expected to strengthen the business area's profitability with effect from the second half of 2008".

Shares in EDB were halted on the Oslo Bors last Wednesday after the stock fell 12% in mid-day trading. On Thursday the vendor confirmed it had ditched its takeover plans for rival IT firm TietoEnator after its partner US private equity firm Blackstone withdrew from the process.

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