ININ Group AS has today successfully completed the acquisition of 70 percent of the shares in TW Gruppen AS, thereby establishing Mass Handling & Recycling as a fourth investment platform.
About TW Gruppen AS
ININ Group has today completed the acquisition of 70 percent of the shares in TW Gruppen. Further, ININ Group has an option to acquire the remaining 30 percent of the shares in TW Gruppen, and a right of first refusal with regards to TWI Eiendom AS, the company which owns the land and the facility at Disenå. TW Gruppen consists of three companies that ensure a complete delivery across the entire value chain for mass handling and recycling, including reception point for polluted masses; cleaning and recycling of polluted masses at a modern facility at Disenå outside Oslo; and transportation of both polluted and recycled masses to and from the Disenå site.
The mass recycling cite at Disenå is one of only two in Eastern Norway. The facility is capable of recycling and reusing approximately 80 percent of the excavated materials it receives. It has a license to recycle 350,000 tons per year.
“It’s great to get this acquisition over the finish line and to start developing the company further together with Tom Wilhelmsen. We are very pleased to establish Mass Handling & Recycling as a fourth investment platform within ININ Group. Norway is currently lagging behind with regards to recycling and reuse of construction masses, but construction companies’ desire to use recycled masses coupled with improved regulatory support are expected to drive substantial growth in this industry segment,” says Øivind Horpestad, CEO of ININ Group.
TRANSACTION TERMS
To settle the share-based part of the initial consideration, ININ has transferred 4 126 585 treasury shares valued at NOK 2.80 per share, issued 1 587 700 new shares with a subscription price of NOK 2.80 per share, and issued 2 172 429 new shares with a subscription price of NOK 3.2222 per share.
