Saab and HITT Agree on Intended Public Offer07/06/2012
|Saab AB, Sweden, has made an Intended Public Offer for all the issued and outstanding ordinary shares in the capital of HITT, headquartered in The Netherlands. The combination of HITT and Saab aims to build on each otherís strengths to become a global leading player in selected areas of traffic management and hydrography. Together, it will have a strengthened market presence and a strong portfolio of world leading products, combining innovative software systems with state of the art sensor systems.|
According to Sjoerd Jansen, CEO of HITT, the activities of both companies have the potential to strengthen each other. ‘The hydrographic software we have through QPS and the maritime activities of SAAB well add together and have the potential to create growth in the future for both companies, to name an example’, he explained.
Saab intends to make a recommended all cash public offer of EUR6.60 per ordinary HITT share, representing a premium of 38% over the closing price of 6 June 2012, for 100% of the outstanding issued and outstanding shares of HITT.· The transaction values HITT at approximately EUR29.7 million.
"This acquisition is in line with our overall strategy to strengthen Saab’s position on the global Traffic Management market. Our existing offering will be even more attractive when complemented with HITT's offering in Air Traffic Management and Maritime Surveillance & Safety. It also provides us with a solid market position globally and especially in high growth markets such as China and India,” says Håkan Buskhe, President and CEO of Saab AB.
"By combining Saab’s and HITT’s strong portfolios within Traffic Management and Hydrography we create a more comprehensive offering and we will be able to address a larger share of the global market. Our product portfolios complement each other, with the same philosophy as a base: to make the flow of traffic more secure, safe and efficient, whether in the air or at sea," says Gunilla Fransson, Head of business Area Security and Defence Solutions.
"Both in products and in worldwide markets, our companies are a perfect fit. Against a background of an ongoing tendency towards consolidation in our markets, this merger offers a solid future for all our stakeholders. Moreover, our companies have a similar innovative approach and we share the same business ethics and values. The combination of the two companies is the right
step to move our business further’’, says Sjoerd Jansen, CEO of HITT N.V.
HITT is to be integrated into Saab's Security & Traffic Management business. Saab believes that the integration can be successfully executed with minimal disruptions, taking into account both companies' strengths and cultures. Saab and HITT expect that the existing level of employment within the combined company will not be adversely changed as a result of the Offer, except where the combination of the businesses of Saab and HITT has some limited overlap.
The Management Board and the Supervisory Board of HITT support and recommend the Offer to its shareholders. After a careful decision-making process, the Management Board and the Supervisory Board of HITT unanimously approve and fully support the Offer and recommend the shareholders of HITT to tender their shares.
Saab serves the global market with world-leading products, services and solutions ranging from military defence to civil security, including Traffic Management. Saab has operations and employees on all continents and constantly develops, adopts and improves new technology to meet customers’ changing needs.
HITT develops technology and implements projects to improve safety, security at airports and in maritime environments. Customers include ports and maritime administrations in Europe, North America, Asia and Australia; and airports and air navigation service providers in Europe and Asia.
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security India Safety software Defence
Supplier: HITT NV
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