Year-long search for new Conax owner
May 22, 2014 09.15 Europe/London By Julian Clover, ANGA COM 2014
Morten-SolbakkenConax CEO Morten Solbakken has described the year-long process that led to the security company’s €164 million purchase by the Kudelski Group.
“This has been a process that has been ongoing for sometime. I’ve spent a year searching for a new owner. Not because Telenor wasn’t a good owner, but I think it was time to look at how we could grow the company”.
It’s not the first time that Telenor has sought a new owner for the company that brought in revenues of NOK627 million in 2013. “We were basically looking for the right time to start that process, there wasn’t a rush as it had been delivering to Telenor very well. It was agreed between us and Conax management that now was the right time.”
In 2010 the sale to another security company failed to complete.
Solbakken said the sale to Kudelski gave Conax ample opportunity to expand its product portfolio and add Nagra elements to its product portfolio, and Nagra add Conax elements to its own.