Ignis Buys NKT Integration

Ignis Photonyx has purchased the assets of NKT Integration A/S

January 19, 2005

1 Min Read

BIRKEROED, Denmark -- NKT Holding has entered intoagreement with the Norwegian listed company Ignis ASA concerning acquisition of part of the operations of NKT Integration. As aresult, approximately 20 NKT Integration employees will be assigned to the continuation of operations in Birkerød.

The acquisition of NKT Integration will be effective from 17 January 2005. Agreement has been reached with Ignis for a sales price of35 mDKK, payable in instalments until the end of 2006, but with a provision enabling half of the amount to be converted to Ignisshares. As a part of the transaction, NKT will subscribe for new shares in Ignis to the amount of 10 mDKK at a price per share of 0.65NOK. NKT is committed both to winding up those operations that will not be acquired, and to assist with certain services andcompetences for a transitional period. The sale is conditional upon an extraordinary general meeting of Ignis approving a capitalexpansion, and thus also the transaction, before the end of January 2005. Assuming this approval is granted, the overall transactionwill result in NKT's net profit for 2004 being increased by around 30 mDKK compared to the statement in our announcement No.27/2004.

Ignis ASA, which until October 2004 was known by the name of WiCom ASA, is a Norwegian technology company operating withintwo different business areas:

  • Ignis Smartnet designs, supplies and maintains IT infrastructure solutions for private companies and the public sector –independently of the transmission providers.

  • Ignis Photonyx is an operation based on the development of optical chips fabricated by means of a special technology(Tunable Diffraction Grating Technology) that Ignis controls.

    NKT Integration A/S

    Ignis ASA

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