IGC closes European operation

As of 1 July 2011, the venture firm will become a stand alone entity. Its offices in Stockholm and Hong Kong will be closed down and no new investments will be made in Europe. The office in Beijing will remain open. In order to support the transition, Investor AB will invest SEK 750m in ICG in 2011 as well as in 2012.

ICG's existing European portfolio will be managed to maximise value. Approximately 50% of yearly realised proceeds after operating and transaction related costs will be distributed to Investor while the remaining part will be available to reinvest by ICG.

The transformation of ICG is part of a larger restructuring of Investor AB's activities. These changes have been made to allow the investment company to focus on its Core Investments and reduce operating costs by SEK 140m.

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