Awardit has completed the acquisition of Motivation Service AB
Today Awardit has completed the acquisition of Motivation Service AB (MSAB). The purchase price amounts to SEK 12 million, which has been paid immediately, and a possible additional payment of SEK 0.5 - 2 million to be paid in 12 months. Payment has been made through a directed share issue of 265 018 shares.
Awardit and the owners of MSAB have closed the deal today resulting in Awardit acquiring 100 % of the shares in MSAB. The purchase price amounts to SEK 12 million with a possible additional payment of SEK 0.5 - 2 million: SEK 0.5 million in case MSAB reaches an EBIT of at least SEK 1.2 million (after deductions for synergy effects) for the twelve-month period commencing the acquisition, SEK 2 million if the EBIT reaches at least SEK 1.5 million. The initial purchase price is paid in full with newly issued Awardit shares based on the weighted average price between April 16 and 20, resulting in a value of SEK 45.28 per share. The board has therefore, as authorized by the AGM of August 2017, decided on a directed share issue of 265 018 shares. 185 513 shares have been signed over to MSAB’s CEO and majority owner Fredrik Landgren, who will continue his role within MSAB. After registration of the new shares, the total of shares in Awardit will increase from 5,230,891 to 5,495,909, corresponding to a dilution of approx. 4.8 %. The additional payment will be paid in Awardit shares or cash, depending on Awardit’s choice.