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Annons
Vestum strengthens its position in perimeter security through acquisition of Norwegian niche company with sales of NOK 100 million

Vestum AB (publ) (”Vestum”) has – through Vestum Norway AS – agreed to acquire 100% of the shares in ØstCom AS (”ØstCom”). The purchase price will partly be financed through payment in reverse, which will then be set off against 1,001,706 shares in Vestum through offset issues. This will result in a dilution of approximately 0.3%. ØstCom will be included in Vestum’s Infrastructure segment. In the fiscal year of 2021, ØstCom generated sales of NOK 100 million. ØstCom has an EBITA margin that is higher than the Vestum Group’s adjusted EBITA margin.

About ØstCom

ØstCom was founded in 1997 and is a leading Norwegian provider of perimeter security. ØstCom operates throughout Norway and is a supplier and installer of fences, gates, barriers, entrance controls and noise shields. ØstCom’s operations range from ordinary installations to complex security solutions and its customers include public as well as private customers.

ØstCom has 56 employees and is headquartered in Kongsvinger.

ØstCom’s financials are expected to be consolidated into Vestum from April 2022, provided that the indicative timetable for the completion of the acquisition can be followed.

Comments from Conny Ryk, CEO of Vestum:

Today we welcome ØstCom – a leading Norwegian provider of perimeter security – to Vestum! Vestum’s current portfolio of companies include Skandinaviska Områdesskydd, a leading provider of perimeter security in Sweden, and through the acquisition of ØstCom, Vestum further strengthens its position on the Nordic market for perimeter security. It feels very exciting that ØstCom will join Vestum and that Vestum continues to attract Norwegian niche companies of great quality, says Conny Ryk, CEO of Vestum.

About the transaction

The purchase price will partly be financed through payment in reverse, which will then be set off against 1,001,706 shares in Vestum through offset issues. This will result in a dilution of approximately 0.3%. The subscription price has been determined via a ten-day volume-weighted average price ("VWAP") in Vestum's share during the period 17 March 2022 up to and including 30 March 2022. The seller has undertaken not to sell the subscribed shares for a period of 24 months (“lock-up”).

The number of outstanding shares would increase in connection with the transaction from the existing 363,028,856 to 364,030,562 shares.

The above information on dilution and number of shares is based on previously announced offset issues.

Completion of the acquisition

The transaction is expected to be completed within approximately one week. In connection with the completion of the transaction, the Board, backed by an authorization of the Annual General Meeting, will make a formal decision to issue the shares in the offset issue.

Adviser

Deloitte provides financial advice and Thommessen acts as legal adviser to Vestum in connection with the acquisition.

Source: MFN
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