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).