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TECH - Techstep ASA News Story

NOK4.66 -0.2  -3.3%

Last Trade - 04/03/21

Sector
Technology
Size
Small Cap
Market Cap £74.1m
Enterprise Value £88.1m
Revenue £95.8m
Position in Universe 956th / 1850

BRIEF-Techstep Acquires Optidev AB At Total Purchase Price Of SEK 200 Mln On Cash And Debt Free Basis

Thu 3rd September, 2020 5:21pm
Sept 3 (Reuters) - Techstep ASA  TECE.OL :
    * TECHSTEP STRENGTHENS ITS POSITION AS THE LEADING PROVIDER
OF
MANAGED MOBILITY SERVICES IN THE NORDICS THROUGH THE ACQUISITION
OF OPTIDEV AB
    * TOTAL PURCHASE PRICE IS SEK 200 MILLION ON A CASH AND DEBT
FREE
BASIS, PAYABLE THROUGH A COMBINATION OF CASH, EQUITY AND
SELLER'S CREDIT
    * FOLLOWING TRANSACTION, OPTIDEV WILL OPERATE AND REPORT AS
A
SEPARATE BUSINESS UNIT LED BY FREDRIK LOGENIUS
    * PURCHASE PRICE WILL BE CALCULATED BASED ON A CLOSING
BALANCE
SHEET OF OPTIDEV AS OF COMPLETION OF ACQUISITION ("CLOSING")
    * AT CLOSING, PURCHASE PRICE WILL BE SETTLED 1/3 IN CASH,
1/3 IN A
SELLER'S CREDIT AND 1/3 IN TECHSTEP SHARES
    * CASH ELEMENT OF TRANSACTION WILL BE SETTLED BY BANK
FINANCING
    * SHAREHOLDERS OF OPTIDEV ARE EXPECTED TO HOLD APPROXIMATELY
10%
OF SHARES OUTSTANDING IN TECHSTEP AFTER CLOSING OF TRANSACTION

Source text for Eikon:  ID:nWkr351GPL 
Further company coverage:  TECE.OL 

 ((Reuters.Briefs@thomsonreuters.com;))
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