Brief: Eqva Signs LOI To Combine BKS, LOS Into Market Leading Supplier

Eqva ASA

06/12/2023 06:10

Dec 6 (Reuters) - Eqva ASA  EQVA.OL :
    * EQVA ASA: EQVA SIGNS A LETTER OF INTENT TO COMBINE BKS AND
LOS
INTO A MARKET LEADING SUPPLIER IN THE SECTORS OF PIPING, POWER
AND AUTOMATION
    * AGREEMENT INCLUDES LOS GROUP'S 100 PERCENT OWNERSHIP IN
LOS
ELEKTRO AS AND LOS EIENDOM BERGEN AS, AS WELL AS 51 PERCENT
OWNERSHIP IN LOS CABLE SOLUTIONS AS AND 53,3 PERCENT OWNERSHIP
IN ZINUS AS
    * ANTICIPATED COMPLETION OF BUSINESS COMBINATION AGREEMENT
IS SET
FOR Q1 2024
    * TARGETED LOS COMPANIES EXPECT A FULL YEAR TURNOVER OF
APPROXIMATELY NOK 700 MILLION IN 2023.
    * WILL ACQUIRE SHARES FROM OWNERS OF LOS GROUP IN EXCHANGE
FOR
SHARES IN A NEWLY ESTABLISHED SUBSIDIARY OF EQVA, ALONG WITH A
CASH COMPONENT
    * OWNERSHIP IN NEW SUBSIDIARY IS EXPECTED TO BE 61 PERCENT
AFTER
TRANSACTION
    * COMBINED ENTITY WILL HAVE AN EV OF APPROXIMATELY NOK 620
MILLION
    * CURRENT OWNERS OF LOS GROUP WILL OWN REMAINING 39 PERCENT

Source text for Eikon:  ID:nObiS3sZZa 
Further company coverage:  EQVA.OL 

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