Inin Group has received a USD 30 million non-binding offer for the potential sale of wholly-owned subsidiary Elop Technology AS.
In connection with the received offer, Inin Group has decided to provide a company update to the market, the company update can be found here and show the Inin group with Elop Technology as divested.
Inin Group – without Elop Technology, – target a revenue of approximately NOK 540 million and a profitable result in 2023. In addition to the expected organic growth, Inin Group expects to announce further acquisitions in near future.
As of 31. December 2022 Inin Group had no interest-bearing debt and approximately NOK 135 million in available liquidity, including a NOK 50 million vendor note from the sale of Simplifai last year. The company had an order-backlog of NOK 369 million.
Further details will be given in the planned H2-2022 presentation that will be held on the 9th of March, register for the event here
POTENTIAL SALE OF ELOP TECHNOLOGY
Inin Group has received the offer regarding the potential sale of Elop Technology, a wholly owned subsidiary of Inin Group, to an undisclosed entity. The potential transaction could reinforce Elop Technology`s international expansion and create synergies within a company that intends to pursue a process of a public listing on NASDAQ.
The received proposal value Elop Technology at USD 30 million. The acquisition amount will, if accepted, be settled in a 100% share swap. The transaction is subject to satisfactory due diligence by both parties and final transaction documentation being entered. The Inin Group Board of Directors will now use time to evaluate the proposal before they give their recommendation or acceptance to the proposal.
The offer contains certain guarantees that secures intellectual property right protection for Elop Technology’s ultrasound scanner technology if the planned listing does not go ahead. The listing must take place within 18 months after closing of the transaction.
“The offer is for Elop Technology as a standalone business and do not affect any of our other business units. Elop Technology have a unique technology, but as we have announced earlier, we have looked for a partner or co-owner since it is risk and will take time before the company will become profitable. The management team in Elop Technology has been a natural and active part in the process and in the discussions with the potential buyers. The potential transaction represents strong interest in Elop Technology`s IP. If the transaction and subsequent NASDAQ-listing go ahead, this transaction could represent a significant upside potential for Inin Group,” says Øivind Horpestad, CEO of Inin Group AS and chairman of Elop Technology AS.
ARC Group Limited is acting as the exclusive financial advisor to Elop Technology AS in this potential transaction.
Inin Group expects the final terms and conditions to be negotiated and finalized during the first quarter 2023.