Catella divests Card Issuing operations in Luxembourg to Advanzia Bank and completes strategic review
Catella Bank S.A, a fully owned subsidiary of Catella AB (publ), has entered an agreement to divest its Card Issuing operations in Luxembourg to Advanzia Bank S.A. as part of the previously announced strategic review. The fixed consideration amounts to approx. SEK 120 Million with an additional earn-out structure with a maximum potential of approx. SEK 240 Million.
Divesting the Card Issuing operations in Luxembourg is an important step for Catella in order to exit the consolidated situation due to the extensive regulatory framework and inefficient capital-structure it entails. In the process it has been important to find a counterparty who can understand and meet our customers’ demands. Catella has evaluated various options and found the optimal conditions, for both customers and employees, in Advanzia Bank.
Advanzia Bank S.A. was founded in 2005 in Luxembourg and is a European online direct bank specialising in credit cards and payment solutions. Advanzia has a strong record of servicing private banks and financial institutions with turnkey credit card programs. With 1.2 million credit card customers, the bank achieved a turnover of EUR 2.3 billion in 2017.
“Advanzia Bank is a strong and credible actor within the credit card operations and I feel confident our customers will be in good hands. Catella recently announced different solutions for the Wealth Management operations in both Luxembourg and Sweden. With this transaction Catella takes another important step towards a more efficient capital-structure and less extensive regulatory framework,” says Knut Pedersen, CEO of Catella Group.
“Acquiring Catella’s credit card portfolio in Luxembourg is a perfect fit for us, as it not only complements our existing business lines, but also enables us to expand our market share,” comments Roland Ludwig, CEO of Advanzia Bank.
The balance sheet total of Catella Group will be reduced by approx. SEK 350 Million as both assets and liabilities will be transferred to Advanzia Bank due to the transaction. The fixed consideration will be paid during Q1 2019 and the additional earn-out before year end 2019.
Given the divestment of the Card Issuing-operations to Advanzia Bank, the strategic review is completed and Catella’s banking operation is expected to cease during 2019. In conjunction with the interim report for the third quarter of 2018, Catella communicated the Banking business area as Disposal group held for sale and the equity in Banking, as of 30 September 2018, amounted to SEK 437 million. Catella expects a net result from the divestments and costs related to restructuring, within the framework of the strategic review, where the latest communicated equity in Banking is secured alternatively exceeds the SEK 437 million given the outcome on the above mentioned additional earn out. Catella intends to return as to how the strategic review affects the Group’s consolidated situation, capital requirements and regulation, as soon as this can be concretized.
For more information, please contact:
CEO and President
+46 8 463 33 10
Head of Group Communications
+46 8 463 33 05, +46 766 27 97 55
This information is information that Catella AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 14.00 CET on 18th of December 2018.
Catella is a leading specialist in property investments, fund management and banking, with operations in 14 countries. The group manages assets of approximately SEK 180 billion. Catella is listed on Nasdaq Stockholm in the Mid Cap segment. Read more at catella.com
Catella completes the purchase of 75% in APAM
Catella AB (publ) (”Catella”) completes, through a subsidiary, the previously announced transaction to acquire 75% of leading UK real estate investment and asset management company, APAM Ltd (APAM).
As announced in March 2018 Catella agreed to acquire 75% of the shares in APAM for a price corresponding to GBP 18 million, on a debt and cash free basis. Catella is now completing the transaction, and APAM is consolidated as a subsidiary in Catella Group, since necessary regulatory approval has been obtained from the financial supervisory authority in Luxembourg, Commission de Surveillance du Secteur Financier (CSSF). APAM has experienced fast growth over recent years and had revenues of approximately GBP 7 million during 2017.
“The UK is a key strategic market for us where we see significant investment interest from our clients, particularly from our Asian office. APAM is a leading business in its space with exceptional knowledge of real estate markets across the UK and an impressive track record of delivering strong returns for its clients. With this deal we strengthen our pan-European platform and local expertise giving us a competitive edge across Europe.” Knut Pedersen Group CEO of Catella comments.
APAM is an independent real estate investment and asset manager operating exclusively in the UK market with a combination of skills to offer clients an ‘end to end’ approach to support their investment strategy. APAM has assets under management (“AUM”) of GBP 1.4 billion and 41 employees. Simon Cooke and William Powell, founders and executive directors of APAM, will remain shareholders in APAM and have committed to the company for at least another five years. Catella APAM will continue to be independently run by its current management team and to pursue its successful growth strategy within UK.
“Catella Property Investment Management has continuously strengthened its competitive position in Europe and has experienced an annual cumulated growth rate (CAGR) in AUM of 31 % during the last three years. This transaction further strengthens our position as we reach AUM volume of EUR 8,1 billion” says Timo Nurminen, Head of Property Investment Management at Catella.
“The UK remains a hub for capital deployment throughout Europe and our deal with Catella reflects the UK’s continued prominence for global investment amongst institutions, sovereign funds and private investors. We relish the next phase of APAM’s growth within the outstanding Catella European Platform.” Simon Cooke and William Powell, founding shareholders and executive directors of Catella APAM said.
For more information, please contact:
Knut Pedersen Timo Nurminen
Chief Executive Officer Head of Property Investment Management
+46 8 463 33 10 +358 50 337 3320
Executive Director APAM
+44 7785 922716
Catella is a leading specialist in property investments, fund management and banking, with operations in 14 countries. The group has assets under management of approximately SEK 180 billion. Catella is listed on Nasdaq Stockholm in the Mid Cap segment. Read more online at catella.com.
Catella and Söderberg & Partners in strategic partnership
Catella Bank S.A., a subsidiary to Catella AB (publ), has entered an agreement to divest 51% of the Wealth Management operations in Sweden to Söderberg & Partners for approximately SEK 36 Million. Catella’s ownership in the joint venture structure is expected to generate positive cash flow which is an important part of the value of the transaction. The parties will also enter a strategic partnership. Catella will continue to develop alternative investment products to this client segment for the entire wealth advisory industry.
As part of the strategic review of Catella’s Banking operation Catella has evaluated various options for the Swedish Wealth Management operation and found the optimal conditions, for customers and employees, in Söderberg & Partners who is a partner and employer with a strong and long-term offering. Entering a strategic partnership ensures customers will be served by their trusted advisor on a competitive platform as well as it is an important step for Catella in the ambition to exit the consolidated situation and thereby improve capital and operational efficiency. The Söderberg & Partners Group is today one of Sweden´s and Scandinavia´s leading advisors within insurance and financial products and has approximately 1 800 employees around Europe.
“Söderberg & Partners is a strong and credible partner and I see great opportunities in our partnership. With this transaction Catella takes another important step towards a more efficient capital-structure and less extensive regulatory framework,” Knut Pedersen, CEO of Catella Group, comments.
“The partnership with Catella, as the reputable company it is, will give us great ability to develop our offer further. I am sure that our combined competences will provide synergy and even greater benefits for Söderberg & Partners, Catella and our respective customers”, says Gustaf Rentzhog, CEO of Söderberg & Partners.
In connection with the deal, Catella and Söderberg & Partners have entered into a call and put option agreement under which Catella is being granted a put option to sell their shares in the joint venture to Söderberg & Partners and Söderberg & Partners are being granted a call option to acquire the joint venture shares of Catella in 2024 at a price to be calculated through a pre-set formula depending on future profit development.
The balance sheet total of Catella Group will decrease by approximately SEK 1 Billion in connection with the transaction as both assets and liabilities will be transferred. Catella will consolidate its 49% share of the joint venture as an associated company in accordance with the equity method when the transaction is closed which is expected to be completed during the first half of 2019.
For more information, please contact: Press contact:
Knut Pedersen Jonas Burvall, Head of
Chief Executive Officer Group Communications
+46 8 463 33 10 +46 8 463 33 05
This information is information that Catella AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 08.00 CET on 12th of December 2018.
November månads produktion 51,0 GWh
Svagare vindar än normalt under november månad resulterade i en elproduktion om 51,0 GWh, jämfört med månadens budget om 58,9 GWh.
Månadens produktion fördelade sig på 21,9 GWh egen produktion och 29,1 GWh samägd produktion, jämfört med månadens budget om 30,8 GWh respektive 28,1 GWh.
Halmstad den 6 december 2018
ARISE AB (publ)
För ytterligare information, vänligen kontakta
Daniel Johansson, CEO Arise AB, +46 702 244 133
The Ambassador of Sweden to Ukraine Martin Hagström visited Grain Alliance in Poltava region
On November 13, the Ambassador Extraordinary and Plenipotentiary of Sweden to Ukraine Martin Hagström made a working visit to Poltava region for the first time. In particular, the ambassador visited the grain facilities of Grain Alliance (Baryshivska Grain Company) and met with the Chairman of the Board of Directors of the company, Mr. Johan Damne. The enterprise applies energy-saving programs on grain drying, which is introduced into to Ukraine. For instance, the company uses an Italian dryer by BONFANTI that works on alternative fuels such as grain processing waste and sunflower husk pellets.
– Baryshivska grain company has been operating for over 20 years in Ukraine. About 60 million dollars have been invested into the company development since the advent of the Swedish ownership. Today Baryshivska Grain Company is an agricultural producer with 100% of Swedish investments. The main policy and strategy of the enterprise is to process the European culture into the subject of organization of labor, both in the economy and in production, and in attitude to the land and to the human. Therefore, our strategy is intended for long-term cooperation with communities. Grain Alliance is a member of a group that has been steadily and confidently working in Sweden for 130 years. I think, such long-term cooperation will have a positive result in Ukraine as well, – says the executive director of Grain Alliance Yevgeniy Radovenyuk.
– Our activity has been based on the principles of social and ecological responsibility for a long period of time. We have been investors in Ukraine for 12 years , and we look forward to further fruitful cooperation,-confirms the above-said the chairman of the Board of Directors of Grain Alliance Johan Damne.
Also those present at the meeting were able to see and evaluate the cultivation of soil on a corn stub with the high-tech cultivator TopDown by Swedish company Väderstad. Grain Alliance has acquired 3 such cultivators and 2 Tempo seeders. New aggregates will be released in the field the following spring. Grain Alliance fruitfully cooperates with Väderstad in the matters of quality soil cultivation and sowing of grain.
Besides, the Ambassador and the chairman of the Board of Directors of Grain Alliance discussed the problems and prospects for doing business with Swedish investments in Ukraine.
– Today I saw the work of Grain Alliance. The embassy is working at expanding economic contacts between Sweden and Ukraine. The most important thing for new investors and businessmen is to see how companies with Swedish investments are working in Ukraine. I’m impressed: Grain Alliance is a large Swedish investment with modern technologies, environmental approaches to production, that are similar to those approaches in Sweden. The company investigated various aggregates at the opened tender and identified that the best are those of the Swedish company, which is also pleasing, -summed up Martin Hagström, the Ambassador of Sweden to Ukraine.