, June 16, 2008

Ordina sells off Technical Automation activities

Ordina announced today that the unit Ordina Technical Automation B.V. (TA) has been sold, subject to approval from the NMa (Netherlands Competition Authority). TA has been taken over by TA‘s current Board of Directors along with Gilde Equity Management Benelux.

Ordina sold all of its shares in Ordina Technical Automation B.V. for an amount of 30 million Euro, on a cash- and debt free base. The effective date of the sale of Ordina Technical Automation B.V. will be the 1st of January 2008. The intended sale was announced on the 4th of March this year and will be finalised within the next few weeks, barring any restrictions from the NMa and provided that all standard requirements are met. More information on the effects of the sale will be made available at the presentation of the interim results on the 19th of August this year.

TA employs approximately 375 staff members. During 2007 TA realised revenue of approximately 36 million and an EBITA margin slightly above the average EBITA realised by Ordina’s Consulting, IT and Application Outsourcing activities. The decision underlying the sale was a logical conclusion to streamlining the strategic course set out for Ordina. TA’s activities offer little or no synergy with Ordina’s core business, namely Consulting, IT and Outsourcing, now and in the future.

Ordina Technical Automation B.V. will be operating under a new name in future, but the current group of employees and the current client base will remain unchanged. This will result in the new entity becoming the largest non-listed company in the technical automation branch. All contracting parties are convinced that the sale of TA will establish a solid base for growth and continuity aligned with the wishes of employees and clients. It is the joint ambition of Gilde and TA’s Board of Directors together with employees and clients to become the market leader in the Benelux.