NORBIT – Acquisition of the IoT Start-up CPS AS and Issuance of New Shares
NORBIT announces that it has completed acquisition of the IoT start-up CPS AS (“CPS”). CPS will be included in the Connectivity segment.
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The transaction values CPS at an enterprise value of NOK 13 million, implying an equity value of NOK 12.6 million. The acquisition will be financed by the issuance of consideration shares at a price equal to the five-day volume weighted share price of NORBIT ASA prior to signing of the share purchase price agreement with a total value of NOK 9.0 million, and NOK 3.6 million will be paid in cash.
“We are excited to welcome a highly skilled IoT team to the NORBIT family. Their expertise in IoT technology aligns perfectly with our Connectivity segment, where we enable our customers and partners to solve demanding challenges through tailored connectivity solutions and reliable monitoring of relevant physical parameters. This add-on further bolsters our capability to deliver value to our partners by supporting their digitalization efforts. A tailored IoT platform and first clients in the recycling industry, ready for commercialization is one of the interesting elements of this acquisition”, says Per Jørgen Weisethaunet, CEO of NORBIT.
At completion, the board has resolved to issue 298,059 consideration shares to the sellers at a price of NOK 30.25107 per share as partial settlement of the transaction. The resolution is based authorisation to increase the share capital granted by the Company’s general meeting on 4 May 2022.
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Following registration of the share capital increase in the Norwegian Register of Business Enterprises, the Company’s share capital will be NOK 5,919,919.80 divided into 59,199,198 shares each with a par value of NOK 0.10.
NORBIT is a global provider of tailored technology to selected niches, solving challenges and promoting sustainability through innovative solutions, in line with its mission to Explore More. The company is structured in three business segments to address its key markets: Oceans, Connectivity and Product Innovation & Realization (PIR). The Oceans segment delivers tailored technology solutions to global maritime markets. The Connectivity segment provides wireless solutions for identification, monitoring and tracking. The PIR segment offers R&D services, proprietary products, and contract manufacturing to key customers. NORBIT is headquartered in Trondheim with manufacturing in Norway, has around 450 employees, and a worldwide sales and distribution platform.
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