Inin Group AS — M&A Activity 2023

Oct 17, 2023

Inin Group AS: Updated terms for acquisition of TW Gruppen

Inin Group AS: Updated terms for acquisition of TW Gruppen

17 October 2023 – Reference is made to the stock exchange announcement dated 3 August 2023 regarding Inin Group AS signing the final share purchase agreement for the acquisition of leading mass handling, recycling and transportation company TW Gruppen AS. Inin Group’s board of directors has today approved to increase the share-based consideration, with an equal reduction in the cash-based consideration, for the transaction’s initial consideration.

The new initial consideration for acquiring 70 percent of the shares in TW Gruppen will be settled through NOK 23 million in Inin Group shares (previously NOK 16 million in Inin Group shares) and NOK 5 million in cash (previously NOK 12 million in cash). Of the NOK 23 million share-based consideration, NOK 16 million is valued at NOK 2.80 per share while NOK 7 million will be equal to the volume weighted average trading price in the 10 trading days preceding the closing date.

The initial consideration will be settled at closing of the transaction. Closing of the transaction is expected to take place during October 2023.

“Since I signed the term sheet with Inin Group in March this year, I have had the pleasure of getting to know the people in Inin Group and learn more about the group’s plans and ambitions. This have motivated me to further increase my immediate shareholding in Inin Group. I am pleased that the board has approved this, and I look forward to becoming part of Inin Group,” says Tom Wilhelmsen.

The remaining payment and valuation terms of the TW Gruppen acquisition are unchanged. They include an earn-out model based on 5.5x average EBIT in TW Gruppen AS for three 12-month periods starting in August 2023, with annual settlements to be settled 60 percent in cash and 40 percent in Inin Group shares at the market price at the relevant time.

The share-based part of the total consideration will be settled partly in treasury shares already held by Inin Group, bought in the market through the previously announced buyback program, and partly through issuance of new shares in Inin Group in accordance with the authorization granted at the company’s annual general meeting on 12 June 2023.

(ENDS)

For further information, please contact:

Øivind Horpestad, CEO of Inin Group, Tel: +47 910 00 626

About Inin Group AS

Inin Group is a listed investment company operating as an industrial owner with investments in companies within infrastructure and industry services niches in the Nordics. The group create value by identifying investment opportunities within profitable niches with potential for development, consolidation and growth, working in collaboration with the platform companies to deliver sustainable growth and superior profitability. For more information, please visit: www.inin.no

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.