Swedish clothing company New Wave Group AB has paid an estimated SEK 30 million (USD 4.0 million/EUR 3.3 million) for 51% of Swedish glass product design company Orrefors Kosta Boda Holding AB togethe…
Swedish clothing company New Wave Group AB has paid an estimated SEK 30 million (USD 4.0 million/EUR 3.3 million) for 51% of Swedish glass product design company Orrefors Kosta Boda Holding AB together with its subsidiaries from Danish art industry group Royal Scandinavia A/S, it was reported on 1 June 2005. The share transfer agreement gives New Wave Group the option to acquire the remaining 49% of Orrefors Kosta Boda. The value of all Orrefors Kosta Boda Holding AB shares, on a free from debt basis, is estimated at SEK 360 million (USD 48.5 million/EUR 39.3 million). If New Wave Group exercises its option on the remaining 49% of the shares, the purchase sum will be equivalent to 49% of the shareholders equity of Orrefors Kosta Boda group of companies on 31 May 2005. New Wave Group specialises in supplying promowear and gifts to companies, as well as clothes, shoes, gifts and textiles to the retail sector.