Awardit has assumed the acquisition of Crossroads Loyalty Solutions AB
Today, Awardit has paid the preliminary purchase price of SEK 90 million and assumed Crossroads Loyalty Solutions AB (CLSAB).
Awardit and the sellers of CLSAB have today held a business acquisition meeting during which the preliminary purchase price of SEK 90 million has been paid. Awardit has received 100 % of the shares and assumed the acquisition of CLSAB. SEK 53 million was paid in newly issued Awardit shares, SEK 27 million in cash and SEK 10 million through vendor financing. The possible additional payment amounts to SEK 15 million and consists of a SEK 7.5 million cash portion and a SEK 7.5 million vendor loan. The additional payment depends on if CLSAB reaches 90 % of the EBIT prediction of SEK 13.5 million for 2018. Purchase price adjustments based on net cash and net debt, and normalized working capital, preliminarily amount to more than SEK 4 million, of which 50 % is to be paid by Awardit. The cash portion of the purchase price is financed through a four-year bank loan of SEK 28 million and a three-year bank loan of SEK 7.5 million from Swedbank. The vendor loans run for 3-4 years. The bank financing is subject to customary covenants.