In order to the boards of NOS ASA and Imarex ASA have decided to merge the ownership of the two Norwegian companies into a new holding company, with NOS selling its equities clearing business the Norwegian Central Securities Depository.
“This transaction is a win-win for the shareholders in both NOS and Imarex,” said Mai-Lill Ibsen, CEO of NOS ASA. “We maintain separate companies, and NOS will thus continue to be a trusted third-party.”
Under the same ownership, NOS/Imarex will be able to develop new markets faster and more cost efficient through organic development, and perhaps become a major player within commodity trading and clearing in Europe.
The activities of NOS and Imarex will remain as separate entities under the merged ownership. In connection with the merger of ownership NOS will divest the equities derivatives clearing to VPS and NOS/Imarex have signed a letter of intent to sell this part for NOK 175 million. VPS’ take-over will form a tighter integration of the infrastructure for settlement of financial instruments – a major advantage for the securities market clients.
All required agreements are scheduled to be signed by the end of April. The entire transaction process is scheduled to be closed September 1, 2006.