case | 12 Nov 2019

Setterwalls advisor to ICTA in the sale of the international digital consulting group FFW

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Setterwalls has assisted ICTA in the sale of its business FFW Group, a digital consultancy group with subsidiaries in eleven countries.

Setterwalls has advised ICTA in the sale of the business operations under the FFW brand by ICTA AB’s subsidiary ICTA Danmark ApS (formerly FFW Holding ApS) sale to a Danish subsidiary to Celine Sieben GmbH (a German holding company with a focus on IT) of the shares in the Danish company Propeople Group ApS and the American companies FFW LLC and FFW Holding US Inc.

The purchase price could amount to totally SEK 367 million, of which about 294 million was paid on closing 12 November 2019 and the remainder as a potential earn-out in June 2020 based on the outcome of the 2019 fiscal year. The international digital consulting group FFW has about 375 employees with subsidiaries in Denmark, Ukraine, Germany, USA, Bulgaria, Moldova, Holland, UK, Vietnam, France and Austria. FFW specializes in digital platforms based on the free Drupal programming environment (Open Source).

The law firm Bird & Bird by Ola Lidström, was an adviser to ICTA AB on stock exchange legal issues.

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