Brief: Norbit To Broaden ITS Business With European Acquisition

Norbit ASA

18/01/2021 06:04

Jan 18 (Reuters) - Norbit ASA  NORBIT.OL :
    * REG-NORBIT TO BROADEN THE ITS BUSINESS WITH EUROPEAN
ACQUISITION
    * REG-NORBIT TO BROADEN THE ITS BUSINESS WITH EUROPEAN
ACQUISITION
    * IS CURRENTLY IN ADVANCED AND EXCLUSIVE NEGOTIATIONS
REGARDING AN
ADD-ON ACQUISITION OF AN UNDISCLOSED EUROPEAN COMPANY
    * ACQUISITION WILL CREATE A BROADER PLATFORM FOR GROWTH
WITHIN ITS
BUSINESS SEGMENT
    * PARTIES ARE WORKING ACCORDING TO AN AGREED TIMELINE WITH
CLOSING
BY END OF Q1 2021, CONTINGENT ON OBTAINING NECESSARY REGULATORY
APPROVAL.
    * NORBIT HAS SIGNED A TERM SHEET TO THIS EFFECT.
    * A PRELIMINARY TRANSACTION PRICE HAS BEEN AGREED, VALUING
TARGET
COMPANY AT AN ENTERPRISE VALUE OF EUR 14.5 MILLION
    * IF COMPLETED, ACQUISITION IS EXPECTED TO BE FINANCED
PARTLY OF A
SELLER'S CREDIT, BY USE OF NORBIT'S AVAILABLE CREDIT LINES AND
THROUGH A EUR 2.5 MILLION PRIVATE PLACEMENT TO SELLERS OF TARGET
COMPANY

Source text for Eikon:  ID:nGNE43pvkf 
Further company coverage:  NORBIT.OL 

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