Atvexa AB (publ) (OM:ATVEXA B) agreed to acquire Ulna AS/Ulna AB/Ulna Nord gGmbH/Ulna Hamburg GmbH from Fem T AS for approximately NOK 260 million on December 21, 2018. The purchase price on a cash and debt-free basis is NOK 220.2 million, and the share purchase price is NOK 225.9 million. In addition, a possible additional purchase price of approximately NOK 34.9 will be added, which will be paid no earlier than in March, 2021.

The additional purchase price is mainly dependent on the sales growth in two new preschools and the development in the German operations. As part of the consideration, Fem T will subscribe for shares in Atvexa for a total amount of NOK 23.35 million, and the rest of the purchase price will be settled in cash. Deal amount will be funded with bank financing and a shareholder loan from existing shareholders in Atvexa.

Ulna AS/Ulna AB/Ulna Nord gGmbH/Ulna Hamburg GmbH reported NOK 20.1 million of EBITDA for the last twelve month ended on September 30, 2018. DNB Markets and KPMG AG Wirtschaftsprüfungsgesellschaft, Advisory Arm served as financial advisors and Hammarskiöld & Co. AB, Sigeman & Co, Raeder Wisloff Aasland Ottesen DA and CMS Cameron McKenna Nabarro Olswang LLP acted as legal advisors to Atvexa.

ABG Sundal Collier Holding ASA acted as financial advisor and Advokatfirmaet Selmer DA acted as legal advisor to Fem T. The deal is expected to get close around the end of January or early February, 2019.