Nekkar ASA (OB:NKR) agreed to acquire 67% stake in Globetech AS for NOK 79 million on July 2, 2024. The share purchase for the 67% ownership share will be settled NOK 64 million in cash and NOK 15 million in Nekkar ASA shares at closing of the transaction. Nekkar will utilize the company?s treasury shares to settle the share-based consideration, which is valued at the VWAP last five days prior to signing and subject to a two-year lock-up period.

The cash-based consideration will be covered by Nekkar?s cash balance, which stood at NOK 197 million at March 31, 2024. In the first stage, Nekkar acquires 67 percent ownership of Globetech. Globetech?s enterprise value is at signing estimated to NOK 120 million on a 100 percent basis, based on last twelve months EBTIDA and an implied multiple of 7.7x EBITDA.

In 2027, Nekkar will acquire the remaining 33 percent of outstanding shares in Globetech. The consideration will be settled in cash based on a multiple of achieved EBITDA in 2027. In 2023, Globetech delivered revenue of NOK 54 million and EBITDA of NOK 11 million.

The transaction is expected to be completed during the third quarter of 2024.