Loomis Acquires Automatia in Finland

SOLNA, Sweden, Feb. 26, 2020 /PRNewswire/ -- Loomis AB has entered into an agreement to acquire 100 percent of Automatia Pankkiautomaatit Oy (Automatia) from present owners Danske Bank, Nordea, and OP Financial Group. The enterprise value, i.e. purchase price plus acquired net debt, is approximately EUR 42 million.Automatia operates the largest ATM network in Finland, under the Otto brand, and also offers nationwide cash supply services for bank branches, night safes for retailers and a digital platform for operating instant payments. Automatia, founded in 1994, has approximately 30 employees and annual net revenue, for the last twelve months ending in December 2019, was approximately EUR 42 million. As part of the transaction, the sellers will commit to new long-term service agreements and continue to be significant customers of Automatia.The business will be reported in segment Europe and consolidated into Loomis as of closing of the transaction. The transaction is subject to merger control approval by the Finnish Competition and Consumer Authority and approval by other relevant authorities. Closing will take place after approval, which is estimated to take around 5 months. The purchase price is payable on closing.Including integration costs, the acquisition is expected to have a marginally positive impact on the operating margin (EBITA1)) and the earnings per share of Loomis in 2020.
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