ECIT AS

M&A Activity • Oct 27, 2023

ECIT AS' acquisition of 50.1% of the shares in Evercom AS completed, and capital increase in ECIT AS

ECIT AS' acquisition of 50.1% of the shares in Evercom AS completed, and capital increase in ECIT AS

Company announcement No. 195

Reference is made to company announcement no. 192 of 10 October 2023, where the company announced to have entered into an agreement to acquire 50.1 % of the shares in Evercom AS, including an option to acquire the remaining 49.9 % of the shares.

The regulatory approvals have been granted and the transaction is now completed.

The Board of Directors has today resolved to increase the share capital in ECIT AS by NOK 1,252,500 by issuing 1,252,500 B-shares at a nominal value of NOK 1.00 per share.

The price per share is NOK 8.00.

The shares are issued as part of settlement for acquisition of 50.1 % of Evercom AS. The shares are subject to a lock-up period of 12 months.

The share capital will be increased from NOK 452,852,873 to NOK 454,105,373. The amendment to the Articles of Association in relation to the capital increase was unanimously approved by the Board of Directors.

The capital increase will be registered in the Brønnøysund register.

The distribution of shares will, after the capital increase is registered, be as follows:   

A-shares: 41,336,068

B-shares: 345,017,074

C-shares: 67,752,231

DISCLOSURE REGULATION   

This is information that ECIT AS is obliged to make public pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

For further information, contact

Mads Skovgaard, Group CFO

mskovgaard@ecit.com

+45 2780 4942

About ECIT

Founded in 2013, ECIT supports a large customer base with accounting, payroll, and IT services. ECIT has a proven model for acquisitions, combining proximity to customers, local entrepreneurship and the strength of a larger international group. ECIT has a full-year proforma revenue of 3.4 billion NOK per Q2 2023 and more than 2,500 employees across ten countries. M&A has been key to drive the Company's growth as ECIT has completed more than 130 acquisitions since 2013. Read more at www.ecit.com.