Eqva ASA — M&A Activity 2019

Jun 3, 2019

Buyer chosen for takeover of MMC First Process AS

Buyer chosen for takeover of MMC First Process AS

Reference is made to stock exchange announcements of 15 April and 5 May 2019 regarding the sale of Havyard Group ASA's ("the Company") shareholding of 75% in MMC First Process AS ("MMCFP").

Following a process where several potential buyers have been involved, the Company has today signed a share purchase agreement where the chosen buyer is a consortium consisting of the current minority shareholders in First Process Holding where CEO Petter Leon Fauske owns the majority, the investment company Credo Partners, and founder Leif Gjelseth through Erle Invest (collectively the "Buyer"). As part of the transaction, it has been agreed that the Company will purchase from MMCFP its shareholding in MMC Green Technology AS and Green Enviro AS (collectively the "Transaction").

The Transaction is based on a total valuation of MMCFP to MNOK 310, which upon completion will provide substantial liquidity for the Company in the amount of MNOK 225.

The Transaction remains, among other things, subject to a confirmatory due diligence, with an aim of final completion no later than 10 July 2019.

Contacts;

Havyard Group:

Geir Johan Bakke, CEO

Tel: +47 48 18 00 11

Email: GeirJohan.Bakke@havyard.com

First Process Holding / MMC First Process:

Petter Leon Fauske, CEO

Tel: +47 97 08 03 39

E-mail: Petter.Leon.Fauske@mmcfp.no

Credo Partners:

Pål Brynsrud, Senior Partner

Tel: +47 92 26 56 56

E-mail: brynsrud@credopartners.no

Erle Invest:

Leif Gjelseth, CEO

Tel: +47 91 63 37 70

E-mail: leif.gjelseth@mmcfp.no