ININ Power AS, a subsidiary of ININ Group AS, has completed the acquisition of 100 percent of the shares in profitable and growing site preparation contractor Skyttermoen Anlegg AS.
Reference is made to the stock exchange announcement dated 27 June 2024 regarding the transaction.
Skyttermoen Anlegg becomes part of ININ Power.
Skyttermoen Anlegg is a specialist site preparation contractor which provides services within excavation work, drainage, cable trenches, high-voltage networks, land development and project development. The company is based in Hamar, Innlandet county, Norway, which is the same geographical region where also Laje AS and other ININ Group subsidiaries are located. Skyttermoen Anlegg has delivered revenue growth and positive operating results every year since inception. In 2023, the company delivered revenues of NOK 69 million and an operating profit (EBIT) of NOK 15 million.
TRANSACTION DETAILS
ININ Power AS acquires 100 percent of the shares of Skyttermoen Anlegg AS for a total consideration of NOK 83 million on a cash and debt free and fully diluted basis. The consideration will be settled 60 percent in cash and 20 percent in shares in Inin Power AS and 20 percent in shares in ININ Group AS.
The share-based consideration has been settled today. In this connection, ININ Group AS has today transferred 4,000,000 ININ Group treasury shares, valued at NOK 4.15 each, to the former owners of Skyttermoen Anlegg AS. Following completion of this transaction, ININ Group holds 6,309,141 own shares.
Further, half of the cash-based consideration has been settled at closing on 25 September 2024, while the remaining amount will be settled after Skyttermoen Anlegg’s annual accounts for 2024 have been approved. The second part of the cash settlement is based on Skyttermoen Anlegg achieving a minimum EBIT of NOK 16 million in 2024. The cash amount paid at closing was funded with proceeds from the bond tap executed by ININ Group on 4 July 2024
