The share purchase agreement is expected to be signed later in August. The transaction is subject to customary closing conditions, due diligence and final transaction documentation. The closing is expected to be on or about August 15, 2022.
Elop signs term sheet to acquire Nordic Infrastructure Group
Date
July 06, 2022
Type
M&A Transactions
Subtype
Transaction launched
Countries
Norway
Subsectors
Road
Railway
I.C.T.
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Elop AS and Nordic Infrastructure Group AS have agreed the principal terms of an agreement for Elop´s acquisition of 100% of the shares in Nordic Infrastructure Group.
Nordic Infrastructure Group is a parent company for multiple railways and construction firms across Norway and Sweden. The group delivers entrepreneurial services as well as tools and equipment to the railway and tramway industries; training, management and consulting services for the road, rail, construction, and civil engineering sectors; and accommodation services to the construction industry.
Under the transaction terms, the purchase price for 100% of the shares in Nordic Infrastructure Group is NOK92 million (US$9.5 million). Elop will take over all of the shares in Nordic Infrastructure Group in a 100 percent share-based deal, settled by shares in Elop valued at NOK2.80 (US$0.28) per share, in total NOK72.56 million (US$7.5 million). Existing warrants in Nordic Infrastructure Group will be replaced by Elop issuing new warrants, in total NOK19.5 million (US$2 million).
