SolTech acquires the remaining 49 percent of the shares in Nyedal Solenergi
On 9 January 2019, SolTech Energy Sweden AB (publ) acquired 51 percent of the shares in Nyedal Konsult AB, which is the trading company behind the Nyedal Solenergi brand. On August 26, 2019, SolTech now acquires the remaining 49 percent of the shares for a cash settlement of SEK 3.09 million.
SolTech initiated its acquisition strategy with the acquisition of Nyedal and shortly afterwards acquired the majority in the NP Group and Swede Energy. The acquisition strategy has proved successful and in the spring of 2019, the strategy, which at the same time creates a sales platform for its own products, has become a main focus for SolTech. Following the successful rights issue in May / June 2019, the Company now has the resources needed to increase the acquisition rate.
As a result of this, the Company’s management now looks at the opportunities to move sales, support and product development from SolTech Energy to Nyedal Konsult, which in connection with this will change its name to Soltech Sales & Support AB.
CEO Stefan Ölander in a comment:
– I am sure that the planned reorganization as above is the best for the Group. Both the parent company and our now wholly owned subsidiary can focus on what we are best at. In addition, SolTech makes a really good deal as Nyedal goes better than forecast but we only pay just over 50 per cent compared to what the original agreement had meant when the remaining shares were acquired in two years.
The acquisition of Nyedal in economic terms:
SolTech acquires the remaining 49 percent of the shares in Nyedal Konsult AB and thus becomes the owner of all the shares (100%) in the company.
All shares in Nyedal were valued at SEK 10 M on January 9, 2019, provided that set sales and profit targets in Nyedal were achieved.
The previous acquisition of 51 percent of the shares was paid with an initial cash portion of MSEK 1.36 and newly issued shares in SolTech Energy Sweden AB (publ) worth MSEK 1.02. After 12 and 24 months, an additional SEK 1.36 million would be paid in additional purchase price if set sales and profitability targets were achieved.
The acquisition of the remaining 49 percent of the shares is now made through a cash payment of SEK 3.09 million, which means that SolTech has paid a total of SEK 5.47 million for all shares (100%) of Nyedal. The acquisition is fully financed from own cash.
SolTech’s assessment is that Nyedal will contribute approximately SEK 30 million in consolidated sales in 2019 and with an operating profit equivalent to about 5 per cent on sales, then calculated on Nyedal’s own sales. This is an increase of about 50 percent compared to 2018.
For more information contact: Stefan Ölander, CEO SolTech Energy Sweden AB (publ)
Tel: 070-739 80 00. Email: email@example.com
The information in this press release is such that SolTech Energy Sweden AB (publ) is to publish in accordance with EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person’s publication for publication on August 26, 2019 at. 08:30 CET.
About SolTech Energy Sweden AB (publ)
SolTech Energy develops and sells aesthetic and building-integrated solar energy products for all types of properties – commercial, public and villas. The products are part of an exterior shell of a property in the form of a roof or a wall with integrated solar cells for the production of electricity. The group includes the subsidiaries ASAB, Nyedal Solenergi, NP-Gruppen and Swede Energy Power Solutions. SolTech Energy Sweden AB (publ), is traded on First North at Nasdaq Stockholm under the short name SOLT and has about 28,000 shareholders. The company’s Certified Adviser is Erik Penser Bank Phone: 08-463 83 00. Email: firstname.lastname@example.org. More info at: www.soltechenergy.com