Awardit has assumed the acquisition of Retain 24 AB

10/1/2019

Awardit and the sellers of Retain 24 Sverige AB (Retain24) have today held a business acquisition meeting during which the purchase price of SEK 42 million has been paid. Awardit has received 100% of the shares and assumed the acquisition of Retain24. SEK 21 million was paid in newly issued Awardit shares and SEK 21 million in cash. An additional payment awaits in 2020 and will then correspond to the additional purchase price that Retain24 is likely to receive as a result of its previous sale of a subsidiary. The supplement payment will thus be neutral for Awardit. The cash portion of the purchase price is financed through a four-year bank loan of SEK 10 million, an operating credit of SEK 5 million and equity. The bank financing is subject to customary covenants.