StatoilHydro Agrees on Sale of IS Partner
StatoilHydro has made an agreement on the sale of its wholly-owned subsidiary IS Partner A/S to EDB Business Partner ASA.
The agreed selling price is NOK 1192 million at a net debt-free basis.
The acquisition of IS Partner is expected to be completed during first quarter of 2008. The agreement is subject to the approval of Norwegian competition authorities.
"EDB Business Partner will be a good industrial Norwegian owner for IS Partner and a strong strategic IT partner for StatoilHydro," says Hilde Merete Aasheim, executive vice president for Corporate Staffs & Services of StatoilHydro.
"Conditions are now favourable for further development of the expertise of IS Partner and a strong continuation of the deliveries to StatoilHydro." she says.
IS Partner was established in 1999, based on Hydro's IT unit, and has been an independent legal entity since 2003. StatoilHydro acquired all shares of IS Partner when the merger between Hydro's oil and gas activities and Statoil was implemented on 1 October 2007.
"StatoilHydro aims to capture extensive synergies from the merger," says Ms Aasheim.
"The sale was completed in accordance with StatoilHydro's strategy and with previously communicated plans", she says.
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