Cybercom gets acquired by Knowit in a $260 million stock and cash deal.

Cybercom, a Stockholm, Sweden-based company providing IT-based consulting services, announced that it was acquired by the also Stockholm-based consulting agency Knowit.

The deal was made for an overall price of SEK 2.2 billion ($259.7M), in a stock and cash transaction, of which approximately SEK 442 million ($52.2M) is paid in cash and including a non-cash issue corresponding to a dilution of 22.5% of Cybercom's shares. Through the transaction, the selling main shareholders of Cybercom, Formica Capital and JCE Group, will become the largest owners in Knowit, with a holding of 10 percent each of the total number of shares and votes outstanding.

The two organisations will be brought together under the Knowit brand. The new Knowit Connectivity business area will be led by Annika Nordlander, who was previously head of Cybercom's Swedish operations.

With the deal, Knowit will grow from around 2,600 employees to around 3,800. The new group will have sales of approximately SEK 5.5 billion ($650M).

Formica, which acquired a stake in Cybercom in 2019, is owned by Madeleine Olsson Eriksson who is the daughter of Stena founder Sten Allan Olsson. The company was formed about three years ago after the Stena heirs divided the investment business into the sphere.

JCE was started in the early 1970s by Christer Ericsson and was initially most active in the container industry and oil. JCE is today led by Hampus Ericsson, who is the acting Chairman of the Board.

JCE delisted Cybercom from the stock exchange together with Tequity in 2015.