Saab completes acquisition of Sensis

Defence and security company Saab AB’s acquisition of the U.S. Company Sensis Corporation (Sensis), announced on 29 June 2011, is completed. The acquisition creates a stronger foundation for growth in the North American market for the Saab Group. Requisite reviews by the U.S. Trade Commission according to the antitrust laws as well as by the Committee on Foreign Investment in the United States (CFIUS) have been accomplished and the former Sensis Corporation has been renamed to Saab Sensis Corporation. The company will continue operations in the U.S. as a subsidiary within the Saab Group.

Saab Sensis has a workforce of approximately 600 employees and services a global base of more than 60 customers located in more than 35 countries across six continents. Its customers include 54 of the world’s 100 largest airports. The company generated revenues of about US$173 million in fiscal year July-June 2009/2010 ($158 million in 2008/2009) and EBIT of about $4.0 million in fiscal year July-June 2009/2010 ($7.2 in 2008/2009).The consideration amounted to approximately $150 million (MSEK 975) and an earn-out fee of maximum $40 million (about MSEK 260) by 2014 which is dependent on the achievement of various conditions. The maximum total consideration amounts to approximately0 $190 million (MSEK 1,235). Saab will use existing cash to fund the acquisition.