Akastor Completes Sale of Frontica ITO and BPO Business to Cognizant
Akastor informed that it has completed the sale of the ITO and the BPO business of Frontica Business Solutions to Cognizant.
The closing of the transaction took place on November 28, 2016, the company said.
The company sold the business for a consideration of NOK 1,025 million on a debt-and-cash-free basis.
Frontica has focused its business within ITO and BPO on SAP consulting, payroll solutions and other IT consultancy services relevant for the oil and gas industry.
The sale will generate an accounting gain of approximately NOK 500 million to Akastor to be recognized in the fourth quarter results.
In an earlier press statement, the company said that Frontica staffing business, Frontica Advantage, is not a part of the transaction and will continue as an Akastor portfolio company.