SaveLend Group AB (publ) ("SaveLend Group" or "the Company") has today completed the acquisition of all shares in Svensk Kreditförmedling AB ("Svensk Kreditförmedling"), which was announced on January 28, 2022. The purchase price amounted to SEK 35 million on a cash and debt-free basis, of which 57% of the purchase price has been paid through a promissory note set-off against 2,347,418 newly issued shares in the Company and the remaining 43% has been paid in cash.
The transaction in short:
- SaveLend Group has acquired all shares in Svensk Kreditförmedling.
- The purchase price amounted to SEK 35 million on a cash and debt-free basis, corresponding to an EBIT multiple of 4.7.
- 57% of the purchase price has, based on the decision of the Extraordinary General Meeting on a directed new issue of shares on February 18, 2022, been paid through a share issue of 2,347,418 shares in SaveLend Group directed to the sellers of Svensk Kreditförmedling in connection with the acquisition date. The remaining 43% of the purchase price has been paid in cash.
- The subscription price for the shares in the directed issue amounted to SEK 8.52 per share and has been calculated based on the volume-weighted average price (VWAP) for the Company's share in the ten trading days up to and including the agreement date for the acquisition.
- The directed issue means that the sellers of Svensk Kreditförmedling own approximately 4.71% of the total number of shares and votes in SaveLend Group after registration of the directed issue with the Swedish Companies Registration Office.
- Through the directed issue, the number of shares in the Company increases to 49,840,264 and the share capital increases by approximately SEK 53,350.41 to approximately SEK 1,132,733.29.
Through the acquisition, Svensk Kreditförmedling's more than 300 financially strong customers will have access to the entire diversified savings offer of SaveLend Group. The acquisition also ensures continued good access to real estate loans by linking an experienced team with proven ability to SaveLend Group.
Cirio Advokatbyrå AB has been a legal advisor and Unum Tax has been tax advisor in connection with the transaction.