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Swedish defence co divests in 3D mapping firm

Linköping, Sweden: Defence and security company Saab AB agreed to divest its shares, corresponding to 57.8 percent on a fully diluted base, in the 3D mapping company C3 Technologies AB (C3). The consideration amounts to approximately MSEK 1,009 (MSEK: Million Swedish Kroner).
C3 is a spin-off from Saab and delivers 3D data to consumer markets based on the Saab 3D mapping technology.
The cash consideration for the divestment amounts to approximately MSEK 1,009 and the transaction will generate a capital gain of approximately MSEK 906. It will have a positive impact on earnings per share fully diluted of approximately SEK 8.1 in 2011.
C3 was founded by Saab Venture in 2008. Saab Venture’s purpose is to initially run companies with new products for new applications. Going forward, Saab will continue to serve the defence, governmental and professional GIS market with rapid 3D mapping applications through R3DM, a business development project within the business area Dynamics.
The transaction is expected to close in the third quarter of 2011, subject to customary closing conditions.
Source: SAAB