Aker Kvaerner’s sale of its Pulping and Power businesses to Metso Corporation has today been approved by the European Commission.’
As a consequence, the transaction is planned to be closed by 31 December 2006. The final transaction value will be based on the balance sheet as of 31 December 2006. Aker Kvaerner confirms the estimates given in the announcement on 8 February 2006. The estimated transaction value is approximately NOK 3 billion, net cash effect around NOK 2.6 billion and net gain compared to book value about NOK 2.4 billion. The profit earned during 2006 will be consolidated into Aker Kvaerner’s accounts.
Aker Kvaerner has worked with Metso since June to support the planning for the integration of the business into Metso’s operations. The goal throughout this process has been to ensure continuity of service for customers, and a smooth transition for the operations within the requirements set by the European Commission. After the transaction is closed the integration of the businesses will commence.