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Smartrac and UPM join forces
Smartrac N.V. has reached an agreement with UPM-Kymmene Corporation (UPM) by which Smartrac will take over UPM’s RFID business while UPM-Kymmene Corporation will become an indirect stockholder of Smartrac.
The transaction is still subject to certain customary conditions, including regulatory approvals.
As consideration for UPM’s RFID business, UPM will obtain an indirect economic interest in Smartrac of 10.6% via OEP Technologie B.V.. OEP Technologie B.V. is an acquisition company controlled by One Equity Partners (OEP). OEP Technologie B.V. holds approximately 87 percent of the issued capital and voting rights in Smartrac.
OEP Technologie B.V. and Manfred Rietzler, one of the co-founders of Smartrac who holds about 9.61 percent of the issued capital and voting rights in Smartrac N.V., are persons acting in concert due to a pooling agreement between OEP and Manfred Rietzler.
“We are very pleased that we were able to win UPM-Kymmene Corporation as industrial investor of Smartrac N.V.”, said Dr. Christian Fischer, CEO of Smartrac. “We are convinced that the world-class experience, innovative spirit, and leadership of UPM-Kymmene Corporation will highly benefit our company”.
“Becoming part of the leading player in the RFID industry opens up totally new possibilities for us. I am convinced that this new setup will be a strong player in the growing RFID market place, ready to offer support and solutions to customers around the world,” says Marcus Vaenerberg, Senior Vice President, UPM RFID.
