Aqua Bio Technology ASA (OB:ABTEC) agreed to acquire Ovalen As from Coc Invest AS for NOK 11 million on February 8, 2024. NOK 5 million of the purchase price will be conditional upon Ovalen's revenue and EBIT in 2024 and 2025. The purchase price will be converted into new shares in Aqua Bio Technology at a subscription price of NOK 5 per shares.

The New Shares will be subject to a 36-months lock-up undertaking. The completion of the Acquisition is conditional upon a satisfactory due diligence and an approval by Aqua Bio Technology board of directors. Ovalen's revenue in 2023 is NOK 17 million.