(Back)

12.09.2000

Visma sells Visma Marine for EUR 84.5 million



Visma ASA has entered into an agreement in principle with Station 12 BV regarding the sale of Visma's marine division. Station 12 BV will pay EUR 84.5 million for the assets acquired, and will repay debt of about EUR 5 million owed by Visma Marine ASA to Visma ASA. Adjusted for cash reserves in the SpecTec companies, the net transaction value is about EUR 85.5 million.

The final agreement has not been signed, but the parties expect it to be signed on Wednesday 13 September 2000 before 10 a.m., on condition that the parties agree on the provisions of the agreement.

Station 12 BV is owned 65% by KPN, the Netherlands telecommunications operator, and 35% by the Australian telecommunications operator Telstra. Station 12 includes the satellite operations of KPN and Telstra, especially the part aimed at the marine market.

Visma�s marine division will continue as an independent division in Station 12. The acquisition involves continuation of the operations in the SpecTec Group. The association with Station 12 will create new business opportunities, and the new ownership structure will secure capital for further expansion of the SpecTec Group. As the world's largest supplier of satellite communication to the marine sector, Station 12 will be able to realize greater synergy effects than Visma can achieve.

Thomas Falck, the current managing director of Visma Marine ASA, will continue as managing director of the SpecTec Group. Knut Reed, managing director of Station 12, will be the chairman of the SpecTec Group's Board of Directors.

It is expected that the sale of Visma�s marine division will be completed by early November.

In connection with the presentation of the results for the third quarter, further information will be provided about plans for the remaining Visma Group.

Visma ASA invites brokers and media representatives to a press conference tomorrow, 13 September, at 2 p.m. The press conference will take place at Visma ASA's offices in Professor Koht�s vei 15, LYSAKER, Norway.




For further information, please contact:

�ystein Moan, CEO, Visma ASA, +47 6752 5500.
Thomas Falck, Managing Director, Visma Marine / SpecTec Group