STOCKHOLM, Oct. 6, 2020
STOCKHOLM, Oct. 6, 2020 /PRNewswire/ -- Tobii AB ('Tobii') has agreed to divest Smartbox. The maximum purchase price amounts to GBP 13.4 million, of which GBP 3.55 million consists of an earnout and GBP 2.8 million consists of a net cash and net working capital adjustment. The expected purchase consideration corresponds to what Tobii paid for Smartbox in 2018 and is not expected to have any noteworthy impact on Tobii's earnings.
Tobii acquired Smartbox in August 2018 with the ambition of accelerating the pace of innovation and development of the assistive technology for communications industry. The British competition and marketing authority, CMA, concluded that the merger could lead to reduced competition in the UK and in January 2020, it was ruled that Tobii must divest Smartbox.
After evaluating a number of potential buyers, Tobii has now sold Smartbox to CareTech, which is a leading provider of specialized social services for adults and children with special needs. Tobii and Smartbox will thus in the future operate in the market for assistive technology for communications both as competitors and to some extent as partners.
"Tobii and Smartbox would have been a fantastic combination that together would have been able to further accelerate innovation and development in assistive technology for communications," said Tobii CEO Henrik Eskilsson. "We regret CMA's decision which forces us to sell Smartbox, but are pleased that we have reached an agreement that likely will allow us to receive the purchase price back, while Smartbox ends up with a suitable and responsible owner. We are convinced that CareTech will take good care of the company, its employees and the users, and we look forward to continue to work side by side with CareTech to drive the industry for assistive technology for communications forward."
The transaction in brief
This information is information that Tobii AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, on October 6, 2020, at 8:00 a.m. CET.
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Tobii divests Smartbox - Press release - Eng - 20201006