Brembo S.p.A. (BIT:BRE) entered into an agreement to acquire Sbs Friction A/s from Scandinavian Brake Systems A/S (CPSE:SBS) at an enterprise value of €40.3 million on November 17, 2020. The transaction entails a consideration of approximately €30 million, which will be paid using available cash, and is subject to the customary adjustment mechanisms as for similar transactions. Brembo will acquire SBS Friction in a deal valuing Sbs Friction at around €40.3 million, including debt.

The final price is subject to customary adjustment mechanisms. Sbs Friction has a revenue of €18 million in 2019. Brembo acquires SBS Friction A/S with approximately 100 employees and SBS Group's headquarters and production facility in Svendborg, which mainly accommodate SBS Friction's activities. The agreement is subject to approval at an extraordinary general meeting in SBS Group as well as usual closing conditions.

SBS Group's largest shareholder, Stiholt Holding A/S with approximately 56.5% of the share capital, has stated on beforehand that it intends to vote in favour of the sale at the extraordinary general meeting. The agreement is expected to be finalized in the first quarter of 2021. The proceeds will be used to reduce the Group's interest-bearing debt.

Carnegie Investment Bank acted as financial advisor and Bent Kemplar of Kromann Reumert acted as legal advisor to SBS Group. Lincoln International LLC acted as financial advisor to Brembo S.p.A. (BIT:BRE). Gorrissen Federspiel I/S and Bonelli Erede Pappalardo Studio Legale acted as legal advisor to Brembo S.p.A.