Saab enters long-term collaboration in Norway
After an invitation from the Norwegian government and Norwegian industry, Saab has decided to go in as a shareholder (7.5 percent) in the newly created holding company Aker Holding AS. Saab’s investment amounts to NOK 1.2 Billion. With a holding of 40.1 percent, Aker Holding AS is the majority shareholder in the industrial group Aker Kvaerner ASA.
“We are delighted to be able to take an active role in a wider collaboration between Norwegian and Swedish industry. It is our ambition to develop more collaboration in Norway within areas of industry where Saab has expertise”, says Saab’s CEO Åke Svensson.
The agreement creates additional business opportunities for Saab, but also between Sweden and Norway. Aker Kvaerner ASA is a leading global provider of engineering and construction services, technology products and integrated solutions to the oil and gas industry. In combination with Saab’s competence within civil security, underwater technology and advanced command and control systems there is a significant potential for expertise and experience exchange with new business opportunities as a result.
”At the same time as we secure a Norwegian connection with this important company, we also see advantages in developing an owner relationship between Norwegian industry and one of Sweden’s most competent owner constellations with the richest traditions. This can create good grounds for further collaborations between Norwegian and Swedish industry in the years ahead”, says the Norwegian Industry and Trade Minister, Dag Terje Andersen.
Saab’s investment amounts to approx. NOK 1.2 billion, of which 80 percent is financed via SEB. At the same time Saab’s majority shareholder, Investor AB, will become owner of 2.5 percent of Aker Holding AS. Investor’s investment has a corresponding financial arrangement. Saab and Investor’s risk in the loan-financed part has been reduced by agreement, which secures that part of the invested capital but limits potential return. The remainder of Aker Holdings AS will be owned by Aker ASA (60 percent) as well as the Norwegian state (30 percent).
The shareholders in Aker Holding AS have entered into an agreement that regulates the relation between the shareholders for a period of 10 years. Investor and Saab have, however, the right to sell off their part of the investment beforehand during certain specified times within that time.
The deal is dependent on a decision by the Norwegian Parliament (Stortinget). A decision on the matter is expected during Autumn 2007.
For further information, please contact:
Peter Sandehed, Saab’s Finance Manager, Tel: +46 (0)13-18 21 12, +46 (0)734-18 21 12
Peter Larsson, Saab’s Press officer Tel: +46 (0)8-463 00 18, +46 (0)734-18 00 18