Norwegian Management Team and Andrew Wal agreed to acquire Brdy AS and Brdy Nordics AS from Bigblu Broadband plc (AIM:BBB) in a management buyout transaction for NOR 1.36 million May 20, 2024. In addition, Bigblu Broadband will be entitled to a Contingent Consideration as follows: If the Brdy Group (a) in the period between 17th May 2024 and 16th May 2025, achieves an Adjusted EBITDA of five hundred thousand pounds (£500,000) or more, Bigblu Broadband will receive twenty (20) percent of the Adjusted EBITDA for that period, within six months of the period (b) in the period between 17th May 2025 and 16th May 2026, achieves an Adjusted EBITDA of one million pounds (£1,000,000) or more, Bigblu Broadband will receive twenty (20) percent of the Adjusted EBITDA for that period, within six months of the period. A Deferred Consideration is also payable of up to £0.2 million on the return, or release of the deposit held with networks, or a Trigger Event.

In addition,onthe occurrence of a Trigger Event, including a listing, an additional Consideration shall be payable of 20% of the proceeds less costs. For the financial year ended November 30, 2023 the Brdy Group delivered total revenue of NOR 52.84 million, EBIT of NOR 42.6 million. Cavendish Capital Markets Limited acted as an advisor to Bigblu Broadband.