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As part of its new strategy, Elektrobit Group plc. and Anite Group plc. have signed a Share Purchase Agreement whereby Elektrobit agrees to sell its Network Test Business to Anite. The transaction comprises the entire issued share capital of Elektrobit's subsidiaries Nemo Technologies Ltd. and Elektrobit Group Pte. Ltd. and certain other related assets. The Network Test Business develops, produces and sells a range of software-based testing solutions for the measurement and analysis of the quality of the air interface between mobile terminals and the radio access infrastructure. It is part of Elektrobit's Test and Automation Business Segment and employs 39 people in Finland and 22 people abroad, mainly in the US and Asia.
The cash consideration payable to Elektrobit by Anite as a result of the transaction is €85 million, subject to a post completion adjustment based upon the level of net assets in the Network Test Business at closing. In addition, an additional amount, capped at €12 million, is payable in cash upon the achievement of certain financial performance targets for the Network Test Business between 1 January and 31 December 2007.
The closing of the transaction requires the fulfillment of customary closing conditions and the approval of Anite's shareholders at an Extraordinary General Meeting that is planned to be held on or around 27 November 2006. If the said conditions are met, the transaction will be closed on approximately 30 November 2006, and by the end of the year at the latest.
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