A new stand-alone Adapteo business will apply for listing on the Nasdaq exchange in Stockholm with shares trading after the completion date which is planned for 1 July 2019. An EGM to consider the demerger will take place on or about 17 June.
Under the demerger plan, Adapteo will be owned by the current shareholders of Cramo, proportionate to their Cramo shareholding. There will be no cross-ownership of Adapteo by Cramo.
Veli-Matti Reinikkala, Chairman of the Board of Cramo, said; “The Board of Directors has concluded that the spin-off of [the] modular space business through a partial demerger offers the best potential for capturing the full business potential and shareholder value creation.
“The demerger will increase the focus of the two companies and improve conditions for strategy execution and growth. Moreover, we believe that the two companies will provide two attractive investment opportunities with crystallised strategies and business operations.”
The Adapteo business will comprise a temporary space business with annual revenues of around €220 million and operations in Sweden, Finland, Norway, Denmark, Germany, Estonia and Lithuania.
It operates under a number of brands, including Cramo Adapteo, Temporent, Nordic Modular and Flexator, and has a fleet or around 31,000 modules. It has 23 sales offices and two manufacturing plants.