Bang & Olufsen completes its previously announced transaction with HARMAN comprising a brand license agreement and the transfer of its Automotive assets to HARMAN
Struer, 2015-05-29 14:48 CEST (GLOBE NEWSWIRE) -- Company Announcement no. 14.28
Today, Bang & Olufsen has completed the previously announced transaction with Harman International Industries, Incorporated and its affiliates comprising the Automotive brand license agreement and the transfer of Bang & Olufsen’s Automotive assets to HARMAN, as the closing conditions outlined in company announcement no. 14.26 of 31 March 2015 have been fulfilled.
Bang & Olufsen expects to receive approximately DKK 1,130 million in net proceeds from the transaction after tax and transaction costs including DKK 93.1 million of cash placed in escrow for 15 months to secure any warranty related claims.
Going forward, Bang & Olufsen is guaranteed an annual minimum license fee of DKK 12.7 million for a 20 year period starting 2017/18. The future variable license fee will be subject to the corporate tax rate at the time of their respective receipt.
Ole G. Andersen Tue Mantoni
Chairman President and CEO
For further information, please contact:
Investors: Claus Højmark Jensen, tel.: +45 2325 1067
Press: Jan Helleskov, tel.: +45 5164 5375