Skanska Divests Captive Subsidiary Scem Reinsurance for EUR 54M, About SEK 510M
ÖSTERSUND, Sweden, Dec 22, 2016 /PRNewswire/ --
Skanska has sold 100 percent of the share capital in Scem Reinsurance S.A., a Skanska captive subsidiary in Luxemburg, to ArcelorMittal. The purchase price is EUR 54M, about SEK 510M, on a debt free basis. The divestment will be recorded in the fourth quarter of 2016. The transaction will not have any material impact on the profit for the period.
The divestment takes place after a strategic review of Skanska's European insurance activities, resulting in a decision to consolidate all such business in Skanska's captive in Sweden.
The transfer of the shares has been approved by the Luxembourg regulator Commissariat aux Assurances.
CONTACT:
For further information please contact:
Andreas Joons, Press Officer, Skanska AB,
tel +46 (0)10 449 04 94
Direct line for media, tel +46 (0)10 448 88 99
This and previous releases can also be found at www.skanska.com
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The following files are available for download:
| 161222 SE divestment Scem Reinsurance |
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