Norva24 Group AB (Publ) (OM:NORVA) agreed to acquire Nordic Powergroup Holding A/S for DKK 260 million on May 3, 2024. The agreed purchase price will be paid in cash to the Sellers in tranches. The first tranche of purchase price amounts DKK 135 million on a cash- and debt-free basis upon completion of the acquisition.

Furthermore, the Sellers may receive an earn-out purchase price payment of up to DKK 125 million, if NPG reaches certain profit-related thresholds during year 2024, 2025 and 2026. The earnout consideration, if the thresholds are achieved, would be payable in cash; one installment in 2024 and the second instalment in 2027. NPG's revenues were DKK 138 million in the twelve months up to 31 March 2024 and its EBIT margin was 14.2%.

Jan Nandfred and René Gemmer Gasberg will remain as Directors in the NPG management team and Magnus Ditlevsen will continue as Managing Director for NPG, and also be part of the Danish Management team going forward. NPG's 80 co-workers will join Norva24. The acquisition will be financed through Norva24?s existing financing facility.

The transaction is expected to take place during May.