Premier Farnell today announces that, together with its wholly owned subsidiary Celdis Limited, it has completed the sale of Cadsoft Computer GmbH (“Cadsoft”) and the assets used in connection with the sale of Cadsoft products in the US (together “the Business) to a subsidiary of Autodesk Inc. (“Autodesk”).
Cadsoft is a software development business that produces electronics design software that Autodesk will add to its software portfolio. Premier Farnell will continue to distribute the Cadsoft product on behalf of Autodesk.
This action follows an operational review, initiated in July 2015, which concluded that Premier Farnell would look to strategically refocus its portfolio and concentrate on its core distribution business, while also reducing its net debt. The net proceeds of the disposal will have the effect of reducing Premier Farnell’s reported net debt position as at 31 January 2016 by approximately 8%.