Reference is made to the stock exchange announcement dated 21 February 2023 regarding the receipt of a non-binding offer from an undisclosed party for the potential sale of wholly-owned subsidiary Elop Technology AS. Following an extensive evaluation period, Inin Group’s board of directors has decided to not accept the proposal. Going forward, Elop Technology will collaborate more closely with sister company Nordic Inspekt Group AB.
The above-mentioned proposal included a potential sale of Elop Technology to a company that will seek a public listing on NASDAQ. If the acquisition were accepted, it would be settled in a 100 percent share swap in the NASDAQ-listed entity.
“We believe it is strategically better and financially lower risk for Inin Group to continue as a focused infrastructure industry investor and own 100 percent of Elop Technology, rather than become a minority shareholder in Elop Technology as well as other unrelated businesses that we do not know or control,” says Øivind Horpestad, CEO of Inin Group.
Today, Inin Group consists of four investment platforms: Rail Infrastructure (97% ownership); Power Distribution (65%); Testing, Inspection & Certification (65%); and a non-core platform that contains Elop Technology’s inspection hardware & software (100%).
“Elop Technology is the smallest business in Inin Group, but it has a unique technology that represents significant potential. We aim to capitalise on this operationally while simultaneously considering partners or co-owners that can help fast-track market adoption of Elop Technology’s ultrasound-based scanner solutions,” says Øivind Horpestad.
NORDIC INSPEKT GROUP AB
During the past year, Inin Group has made significant strides to build up its Testing, Inspection & Certification (TIC) investment arm. The company established Nordic Inspekt Group AB, which is a challenger within the rapidly growing Nordic market for testing inspection and certification (TIC) of infrastructure and industrial assets. In addition, Nordic Inspekt Group has acquired Swedish non-destructive testing (NDT) company Trygg Inspection AB and announced plans to acquire NDT specialist AlfaTest AB.
“Now that Nordic Inspekt Group is set up and fully operational, we have a commercial vehicle that are in continuous dialogue with infrastructure owners about inspection methods and technologies. We believe that we can secure even more inspection work by incorporating Elop Technology’s ultrasound scanners in our inspection toolbox. Hence, we aim to collaborate more closely going forward in order to create business opportunities for both companies,” says Niklas Persson, CEO of Nordic Inspekt Group.