Crown Energy AB (publ) (NGM:CRWN) signed a letter of intent to acquire SmarTee S.à.r.l on January 10, 2023. Crown Energy has entered into a Sales and Purchase Agreement for the acquisition of 85 percent of the shares in SmarTee S.à r.l. from Claudio Fabbri, an Italian resident entrepreneur on February 3, 2023. The total purchase price amounts to €163 million and will be payable in nine instalments over a period of 48 months of which the first instalment amounts to €75 million and will be paid upon signing of the SPA. The consideration for the Acquisition is payable by Crown Energy to the Seller in a total of nine instalments. The first instalment of €75 million is payable upon signing of the SPA with a simultaneous closing. The rest of the payments will be made in instalments of €9 million every six months. Additionally, under the terms of an earn out arrangement there is potentially an additional payment of up to 30 percent of any future financial upside less the consideration stated above of €163 million. Any additional purchase price will be paid in cash or in newly issued shares in SmarTee and will only become payable upon certain commercial or financial milestones, such as a future capital increase or sale of a strategic asset, being met. Crown Energy will be able to fund the Acquisition through existing cash following the sale agreement of Crown Energy's oil and gas assets, entered into in October 2021, as well as from further cashflow from Crown Energy's Asset Management and Development Business.

Crown Energy completed the acquisition of 85% stake in SmarTee S.à r.l. from Claudio Fabbri on February 3, 2023.