GNT

The ALSO Group, which is active in wholesale and logistics services for information and communication technology products (ICT) as well as consumer electronics, will take a 50.1% share in Finland based privately held GNT Holding Oy, largest independent ICT distributor in the Nordic and Baltic region, for CHF 57.7 million. As a result, ALSO’s net sales by 2007 should grow to CHF 5.0 billion, making it the fourth-largest ICT distributor in Europe. Closing is subject to approval by the European Competition Authorities, and is expected in six weeks. ALSO has an option to purchase the remaining 49.9% in GNT Holding Oy by 2010 at the latest.

ALSO Holding AG announces today a significant step in its expansion strategy. It has signed an agreement to acquire for CHF 57.7 million a 50.1% stake in Finland based GNT Holding Oy, the largest independent ICT distributor in the Nordic and Baltic region. ALSO has an option to purchase the remaining 49.9% of the shares by 2010 at the latest. The price for this second step will be based on GNT Group’s net earnings in 2007 or 2009, depending on the date of the option exercise. Closing is subject to approval by the European Competition Authorities and is expected in six weeks. GNT top managers – many of whom are also shareholders of GNT – will continue to run the GNT Group under its existing name as a separate entity within the ALSO Group.

With this acquisition, ALSO is taking a major step in its internationalization strategy. The transaction should push ALSO’s net sales by 2007 to CHF 5.0 billion, making it a strong number four among the European ICT distributors. Due to this acquisition ALSO will serve 25’000 customers in nine countries and enlarge its vendor portfolio from previously 60 brands to 250. Total staff of the combined entities will be about 1500 employees.

Established in 1995, GNT has become the leading ICT distributor in the Nordic and Baltic region. It is the market leader in Finland, Estonia, Latvia and Lithuania, and among the top three in Sweden and Norway. It also has activities in Poland where it started a greenfield operation in 2004. In 2006, GNT is expected to post net sales of CHF 2.0 to 2.2 billion, and – after restructuring cost – a net profit of CHF 8-9 Mio. Mid-term, GNT should contribute a net profit after tax of CHF 15-20 Mio. to ALSO’s Group result. With 900 people GNT supplies 83’000 products to 13’000 customers.

About ALSO
The ALSO Group is a leading wholesale and logistics company in the information and communications technology and consumer electronics sector. In 2005, ALSO had net sales of CHF 2.0 billion and a staff of 600. Headquartered in Hergiswil (Switzerland), the company was founded in 1984 and has been listed on the Swiss stock exchange since 1986. The Schindler Group has held a majority interest since 1988. ALSO has subsidiaries in Switzerland, where ALSO is the market leader, and in Germany, where ALSO is the fourth-largest IT- distributor.

Further Information:
ALSO: Maya von Krannichfeldt, Corporate Communications, +41 41 266 18 02