29/05/2015 13:48:33

Bang & Olufsen completes its previously announced transaction with HARMAN comprising a brand license agreement and the transfer

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Struer, 2015-05-29 14:48 CEST (GLOBE NEWSWIRE) --

Company Announcement no. 14.28

Today, Bang & Olufsen has completed the previously announced transaction with

Harman International Industries, Incorporated and its affiliates comprising the

Automotive brand license agreement and the transfer of Bang & Olufsen’s

Automotive assets to HARMAN, as the closing conditions outlined in company

announcement no. 14.26 of 31 March 2015 have been fulfilled.

Bang & Olufsen expects to receive approximately DKK 1,130 million in net

proceeds from the transaction after tax and transaction costs including DKK

93.1 million of cash placed in escrow for 15 months to secure any warranty

related claims.

Going forward, Bang & Olufsen is guaranteed an annual minimum license fee of

DKK 12.7 million for a 20 year period starting 2017/18. The future variable

license fee will be subject to the corporate tax rate at the time of their

respective receipt.

Ole G. Andersen Tue Mantoni

Chairman President and CEO

For further information, please contact:

Investors: Claus Højmark Jensen, tel.: +45 2325 1067

Press: Jan Helleskov, tel.: +45 5164 5375

Attachment: BO_1428_UK_vF.pdf

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