Helsinki, Finland, 2017-03-01 12:30 CET (GLOBE NEWSWIRE) --
Norvestia Oyj Stock Exchange Release 1 March 2017 at 13:30
NORVESTIA’S EXIT FROM IDEAN ENTERPRISES OY HAS BEEN COMPLETED
The exit from Idean, as Norvestia announced 16 February 2017, has been completed. The exit has a significant positive effect on cash flow in the first quarter of 2017.
31 December 2016, Norvestia’s Net Asset Value (and shareholders’ equity) was EUR 124.6 million. In the first quarter alone, the effect of the sale on Net Asset Value corresponds to approximately 6 per cent and according to market practice, the final purchase price is determined in the next two years following the closing. The parties have agreed not to disclose the purchase price.
Helsinki, 1 March 2017
NORVESTIA OYJ
DISTRIBUTION
Nasdaq Helsinki
Main media
More information:
Norvestia Oyj / Juha Mikkola, Senior Investment Director, p. +358 50 590 0522, juha.mikkola@norvestia.fi
Norvestia Oyj is a publicly listed investment company. Norvestia’s twofold investment strategy consists of market investments and Growth Equity. Growth Equity investments are made in Nordic unlisted companies, growth-oriented listed companies and private equity funds. The target of Norvestia’s Growth Equity investment activities is to be an active investor together with other main owners, and increase the value of the target company. Investments are long-term and no strict time limit are set for exits. Norvestia’s Growth Equity portfolio consists of Aste Helsinki, Coronaria Hoitoketju, Digital Workforce Services, Fluido, Polystar Instruments and Touhula Varhaiskasvatus. In addition, the company has investments in private equity funds. Norvestia is a subsidiary in the CapMan Group since 19 December 2016. www.norvestia.fi
Idean Enterprises Oy is a Finnish-born company specialized in the design of digital services and user experiences, whose customers include world-leading companies in Europe, the US and Asia. Hundreds of millions of people all around the world use the services designed by Idean. In 2016, Idean’s revenue amounted to EUR 25 million of which 70% came from international markets. Idean’s studios are located in Finland (Helsinki, Tampere), Germany (Berlin) and in the US (Palo Alto, San Francisco, Los Angeles, Austin (TX) and New York). The company employs over 150 people. www.idean.com