Dallas, Texas 02/04/2014 (FINANCIALSTRENDS) – In the last week of December’ 13, the $65 million market capped computer peripherals manufacturer Identive Group, Inc. (NASDAQ:INVE) disclosed that it has sold its entire Swiss based operations represented by its subsidiary Swiss Multicard AG and Germany based payment solution providing subsidiary Payment Solution AG to a private firm called Sandpiper Assets SA. The Santa Ana based IT firm also announced that it is in the midst of negotiating a deal with the same Sandpiper Assets SA to purchase its Dutch subsidiary Multicard Nederland BV and expects to conclude the deal by the year end.
The systematic exit from its European and Artic operations are a execution of previously announced plan by the small capped payment solutions provider to exit out of geographies which it considers outside its core markets and concentrate all its efforts in emerging as a market leader in the American markets.
Terms of Multicard AG Sale
As per the disclosed terms of closure of the deal for its Swiss holdings, Identive Group, Inc. (NASDAQ:INVE) disclosed that it will transfer ownership of its 100% of the shares it holds in Multicard AG to Sandpiper Assets SA for one Swiss Franc. The deal also stipulates that the Creditors who have made out loans of close to $7.7 million made to Multicard AG are also covered under the sale agreement.
Sale of payment solution AG
As per the terms of sale for its European enterprise, Identive Group, Inc “has agreed to sell its 93.7% shares of Payment solution AG including the loans totalling $3.7 million to Sandpiper Assets SA for one Swiss Franc. The deal also has a rider which stipulates that in the event of Sandpiper Assets SA disposing off the assets in the part of whole in the next 36 months time frame, a sum consideration of 50% of the total proceeds raised from such a exercise will have to be shared with Identive Group, Inc.