In summer 2015, Solteq purchased the entire share capital and capital loans of Descom Group Oy (Descom Group). The Descom Data Center Solutions business was not included in the purchase. The purchase was finalised on 2 July 2015.
Through the purchase, Solteq became a digital commerce provider that employs about 550 experts. The annual turnover of the new company is about 68 million euro. Solteq operates in three countries and makes deliveries to Europe, North America, Asia and Australia.
Descom Group with its subsidiaries was a Finnish provider of IT and digital marketing services. Descom’s core business was building sales, marketing and customer service solutions with its clients, creating excellent customer experiences.
In 2014, Descom Group’s turnover (FAS) was 35.2 million euro and EBITDA 2.6 million euro. Without the Data Center Solutions business, which was not included in the transaction, Descom Group’s turnover for 2014 was about 27.4 million euro and imputed EBITDA 3.3 million euro.
Financing of the company acquisition
Solteq purchased Descom’s entire share capital for about 11.2 million euro and capital loans for about 11.9 million euro. At the time of the transaction, a total of 6.6 million euro of the purchase price was paid in cash and the rest, about 4.6 million euro, by 2.8 million new Solteq shares through subscription in kind in a directed share issue. The sellers were funds managed by Sentica Partners Oy, Aidacome Partners Oy, Corpinghouse Oy and Descom’s individual investors.
The cash consideration of the purchase price was funded by a 27-million-euro unsecured bond issued on 1 July 2015. The bond was admitted for trading on NASDAQ OMX Helsinki Oy on 29 September 2015.
The share issue was implemented on 17 June 2015. The number of new shares in the share issue was 2,799,998 at a subscription price of 1.65 euro per share.