Nordic Business Report-April 11, 2006-ITAB Shop Concept AB acquires UK company City Group
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The Swedish store interiors supplier ITAB Shop Concept AB said on Tuesday (11 April) that it has signed a binding agreement to acquire the United Kingdom based store furniture provider City Group.
The agreement is based on a letter of intent announced in March.
The consideration amounts to 450,000 B shares of ITAB Shop Concept and additional payments of some SEK20m.
City Group has a strong market position as a supplier to large chains and is expected to achieve a turnover of SEK300m in 2006.
One Swedish krona (SEK) is worth approximately 0.07 British pounds (GBP).
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