Brief: Crown Energy Says Acquires 85% Of Smartee For A Consideration Of EUR 163 Mln

Crown Energy AB

03/02/2023 21:21

Feb 3 (Reuters) - Crown Energy AB  CRWEN.NGM :
    * CROWN ENERGY (PUBL) ACQUIRES 85 PERCENT OF SMARTEE S.À.R.L
FOR A
CONSIDERATION OF EUR 163 MILLION - SIGNIFICANT CHANGE OF CROWN
ENERGY'S BUSINESS DIRECTION
    * CROWN ENERGY-TOTAL PURCHASE PRICE WILL BE PAYABLE IN 9
INSTALMENTS OVER 48 MONTHS, FIRST INSTALMENT AMOUNTS TO EUR 75
MILLION TO BE PAID UPON SIGNING OF SPA
    * CROWN ENERGY - ANY ADDITIONAL PURCHASE PRICE WILL BE PAID
IN
CASH OR IN NEWLY ISSUED SHARES IN SMARTEE
    * REST OF PAYMENTS WILL BE MADE IN INSTALMENTS OF EUR 9
MILLION
EVERY SIX MONTHS
    * UNDER TERMS, OF AN EARN OUT ARRANGEMENT THERE IS
POTENTIALLY
ADDITIONAL PAYMENT OF UP TO 30% OF ANY FUTURE FINANCIAL UPSIDE
    * DOES NOT EXPECT ACQUISITION TO HAVE A SIGNIFICANT EFFECT
ON
CROWN ENERGY'S INCOME STATEMENT
    * CROWN ENERGY WILL BE ABLE TO FUND ACQUISITION THROUGH
EXISTING
CASH
    * ADDITIONAL EUR 10.5 MILLION WILL BE ACCOUNTED ON BALANCE
AS
ADDITIONAL PROVISION FOR PURCHASE OF SHARES
    * REVIEW OF CO'S CURRENT LISTING, ASSESSING WHERE  COMPANY
THAT IS
NOW FOCUSING ON INVESTING IN HIGH GROWTH TECHNOLOGIES SHOULD BE
LISTED

Source text for Eikon:  ID:nWkr1yRXZG 
Further company coverage:  CRWEN.NGM 
 ((Reuters.Briefs@thomsonreuters.com;))