BUSINESS

Westnet completes purchase of Sunlight batteries

TAGS: Business

Sunlight Systems on Friday announced it had completed the sale of the consumer battery branch of its business to Westnet Distribution SA, a member of Olympia Group which is active in the sale of technology products, for 5.36 million euros.

In a press release, Sunlight Systems said PriceWaterhouseCoopers completed the evaluation report.

The consumer battery branch of the business generated annual turnover of 10.1 million euros in 2017, while results showed a pre-tax and interest loss of 39,000 euros.

The transaction is expected to improve Sunlight Systems’ net position by 1.2 million euros.

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