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Zenitel acquires Phontech operations from Jotron AS

Zenitel announces that it has signed an Asset Purchase Agreement with Jotron AS to acquire the Intercom and Public Address business from Jotron AS, hereafter referred to as the Phontech business. The deal is structured in a two-step transaction where the closing is subject to the fulfillment of conditions precedent.

Located in Horten, Norway, Phontech is specialized in Intercom and Public Address & General Alarm solutions for the Maritime and Oil & Gas markets, with worldwide market presence. The Phontech business is currently integrated in Jotron AS and the transaction will be structured as an asset deal. The purchase price will be fully paid by own funds.

Revenue of the Phontech business was 7.3 million Euro in 2017 with a negative EBIT. Zenitel anticipates non-recurring integration costs in 2018 and 2019 and expects the Phontech business to be contributing to operating cashflow in 2020.

Merete Berdal, CEO of Jotron said to be very pleased with the agreement: “Jotron is a world leading provider of safety communication. Segments of our business have been growing very fast and in order to maintain this growth we have decided to look for new ownership for the Phontech business. "We believe Horten, Norway will gain an even stronger position by combining two major Public Address and Intercom providers into one world leading player“.

Kenneth Dastol, CEO of Zenitel said that the long-term growth strategy of Zenitel remains focused on presence in multiple markets as well as possible acquisitions. “Phontech is a dynamic and flexible business organization, specialized in Intercom and Public Address & General Alarm solutions to the Maritime and Oil & Gas industry. This strategic acquisition will strengthen Zenitel’s position as a worldwide market leader for intelligent critical communication solutions in the Maritime industry”.

The parties expect closing to happen before year-end.

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Press Release in English | Press Release in Dutch

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