© pichetw dreamstime.com General | November 29, 2019
Efore completes the divestment of its Telecom business
Efore has completed the divestment of the Telecom business to Chinese Shenzhen Kexin Communication Ltd on 28th November 2019. Share consideration is EUR 3,5 million.
Back in late July the company announced its new strategy under the project name 'Efore 2.0', which will focus on the offering of digital power supply systems. Efore is also planning the realignment of its debt by summer 2020. The goal of the arrangement is to create adequate resources for execution of the strategy and to optimise the use of capital. “We are very pleased to the divestment of the Telecom business to Kexin. Finding good solution for the Telecom business has required significant amount of resources and time. Completion of the Telecom divestment gives us good starting point for 2020 and enables the planning of Efore 2.0 from new ground. We will tell about Efore 2.0 plans in January 2020. Parallel to the completion of the Telecom divestment, we have started to prepare the realignment of the group debt financing. The target of the arrangement is to unify the group debt and improve the premises for new strategy execution and profitable growth,” says CEO Vesa Leino in a press release. Final consideration is subject to adjustment based on actual closing balance sheet.