More details are now to hand about the acquisition by P&P Plc of the Swedish company, Cidron AB (CI No 1,571). Cidron is the holding company of Nordic Data Distribution AB, a distributor that operates in IBM and Apple environment and supports around 370 dealers. In the year to April 30, it reported UKP1m pre-tax profit on UKP9.2m turnover, and its net assets and cash balance are UKP500,000 and UKP1.2m respectively. P&P is paying a fixed consideration of UKP3.6m with an initial payment of UKP2.9m in cash on completion plus a further UKP700,000 in P&P shares or cash to be made during December. There will be a deferred consideration of up to UKP2.8m based on post tax earnings for the year to 30 April 1991. Up to 50% of the deferred consideration, payable in December 1991, may be satisfied by a balance of shares and cash. P&P says that Nordic Data Distribution complements its own activities by focusing on end-user business and targeting large companies. P&P’s initial continental foray was into Belgium.
