Dovre Group's fully-owned Swedish subsidiary Dovre Group AB has signed today, November 5, 2015, an agreement to sell its IT consulting business in Sweden to Visuell Planering och Praktisk PPM AB, a Swedish privately owned company.
Three Dovre Group AB's employees and all customer contracts will be transferred to the buyer effective immediately.
'The transaction is good news for our staff and clients in Sweden,' comments Patrick von Essen, CEO of Dovre Group. 'The new combined team is stronger, and will be able to support clients better than before.'
The parties have agreed not to disclose the value of the transaction. As a consequence of the transaction, part of the goodwill of Dovre Group's consulting segment will be allocated against the purchase price and the Group will record a non-recurring, primarily non-cash item totaling approx. EUR -0.4 million in the fourth quarter. The item recorded does not affect Dovre Group's guidance for 2015, published on October 1, 2015.