Hunter Group ASA (OB:HUNT) entered into a letter of intent to acquire Dwellop AS from management and employees of Dwellop AS for NOK 190 million on March 20, 2017. The consideration shall be settled in cash of NOK 60 million and approximately NOK 130 million shall be settled by issuance of new shares in Hunter Group. Hunter Group ASA (OB:HUNT) signed a definitive agreement to acquire Dwellop AS from management and employees of Dwellop AS for approximately NOK 190 million on May 2, 2017. Pursuant to the terms of agreement, the deal consideration is revised and now Hunter Group will pay NOK 60 million in cash and NOK 125 million in shares, settled by issuance of 192 million new shares in the Hunter Group at a subscription price of NOK 0.65 per share. The cash consideration will be paid at completion using the Hunter Group's existing cash reserves. As of December 31, 2016 Dwellop had a net cash position of NOK 12.2 million and net working capital of NOK 16.6 million. Dwellop generated approximately NOK 210 million in revenues, NOK 46.5 million in EBITDA and NOK 38.2 million in net income for the year ended 2016. The newly issued shares will have a lock-up period of 36 months after closing of the transaction, as well as customary non-compete and non-solicitation provisions. The purchase price implies EV/EBITDA and P/E transaction multiples of 3.8 times and 5 times, respectively. After the completion of the transaction, Hunter Group will change the board composition of Dwellop. The completion of the transaction is subject to satisfactory outcome of a confirmatory due diligence process, final and binding documentation and Hunter Group board approval. The transaction is approved by Hunter Group shareholders. The consideration shares will be issued on completion of the transaction using the authorization granted to the Board of Directors of Hunter Group issued on April 24, 2017. Completion of the transaction is subject to none of the parties being in material breach of the agreement. The transaction is expected to complete by the end of May 2017. Ernst and Young acted as accountant to Hunter Group ASA.

Hunter Group ASA (OB:HUNT) completed the acquisition of Dwellop AS from management and employees of Dwellop AS on May 15, 2017.