Lyse AS entered into heads of terms to acquire Ice Group Scandinavia Holdings AS from Ice Group ASA for NOK 3 billion on February 18, 2022. Lyse AS entered into a definitive sale and purchase agreement to acquire Ice Group Scandinavia Holdings AS from Ice Group ASA on March 4, 2022. The deal pertains to the acquisition by Lyse AS of all shares of Ice Group Scandinavia Holding AS and such additional assets and shares which belong to the business of Ice, including all the shares of Ice Communication Norge AS, Phonepartner Norge Holding AS and Ice Retail Holding AS. The acquisition will be settled in cash of approximately NOK 3,000 million and will be financed using available liquidity in Lyse AS. The contemplated transaction is supported by shareholders representing approximately 80% of the shares in Ice Group ASA and the main creditors to Ice Group ASA and its subsidiary AINMT Holdings AB. The transaction is subject to entering into final transaction documents, limited customary confirmatory due diligence, certain customary conditions, stakeholders, including approval by the general meeting of Ice Group ASA, the Norwegian Competition Authority, the Norwegian Communication Authority and Ministry of Local Government and Regional Development. As of March 21, 2022, Norwegian Competition Authority and the shareholders of Ice Group ASA have approved the transaction. As of March 25, 2022, Norwegian Communication Authority has approved the transaction. Completion of the transaction is still subject to certain regulatory approvals. Expected closing of the transaction is end of March 2022. The proceeds from the transaction will be used to repay the loan provided by GoldenTree to AINMT Holdings AB, repay the PIK Toggle Convertible Bond issued by the Company and the loan provided by Rasmussengruppen AS.

Lazard Ltd (NYSE:LAZ), DNB Markets and Pareto Securities AS acted as financial advisors to Ice Group ASA, Advokatfirmaet Gisvold AS and Ro Sommernes advokatfirma DA acted as legal advisors to Ice Group ASA. Advokatfirmaet Wiersholm AS is acted as legal advisor to the Ice Board of Directors. Nils Kasper Lodden, Ola Nygård, Are Andersen and Aksel Engebakken of ABG Sundal Collier acted as financial advisor to Lyse.