News

Oslo, Saturday, January 1, 2000
Stock Exchange Notification
BLOM AQCUIRES SEFICART GROUP, THUS INCREASING ACCESS TO SOUTHERN EUROPEAN MARKET

 Blom has entered into an agreement to acquire 100 per cent of the shares in Seficart Group, the leading company in airborne collection and processing of map data in Spain and Portugal. The Seficart Group is expecting to have sales amounting to EUR 16-18 million. (NOK 130 – 146 million) with an expected EBITDA of EUR 2.5 – 3.0 million (NOK 20 - 24 million) in 2006.

The Company has a strong sales organisation and the takeover will give Blom broad access to the market on the Iberian peninsula. The Seficart Group owns two aircraft and will immediately be operational in helping to fly Pictometry in Spain and Portugal. The Company will also be able to carry out the future distribution of Pictometry in this part of Europe. Blom is expecting the takeover to get more out of the Company’s combined resources. The Company employs some 200 people altogether.

The consideration for 100 per cent of the shares will be EUR 7.0 million (NOK 57 million), of which EUR 2.5 million (NOK 20 million) will be in the form of seller’s credit, EUR 2.0 million (NOK 16 million) will be paid in cash, and EUR 2.5 million (NOK 20 million) will be settled by way of a private placement with the seller, against shares in Blom. The subscription price has been agreed at an average of the Blom share price for the period between 31 January and 28 February.

After carrying out a due diligence, Blom will lift all reservations regarding the takeover of the Company by 3 March. It has been agreed that the final settlement will take place no later than 10 March 2006.


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