Awardit has completed the acquisition of Retain24 AB

9/12/2019

Awardit and the owners of Retain24 Sverige AB (Retain24) have signed a share transfer agreement regarding all shares in Retain24. The purchase price amounts to SEK 42 million. In addition, an additional portion corresponding to the additional purchase price that Retain24 is likely to receive in 2020 due to its previous sale of a subsidiary. Assumption is due in October.

Awardit and the owners of Retain24 Sverige AB (Retain24) have completed the deal by signing a share transfer agreement regarding 100% of the shares in Retain24. The purchase price amounts to SEK 42 million which is paid upon assumption and an additional payment corresponding to the additional purchase price that Retain24 is likely to receive in 2020 due to its previous sale of a subsidiary. The supplement payment is thus neutral for Awardit. SEK 21 million is paid in newly issued Awardit shares and SEK 21 million in cash. The cash portion of the purchase price is financed through a four-year bank loan of SEK 10 million and an overdraft credit of SEK 11 million. The bank financing is subject to customary covenants.