Elanders AB (publ) (OM:ELAN B) agreed to acquire an 88.5% stake in Bishopsgate Newco Ltd on February 2, 2024. The company had sales of £27 million during the last twelve months. At the time of the acquisition, Bishopsgate was valued at £47.5 million on a cash- and debt-free basis and Elanders will initially acquire 88.5 percent of the shares.

The initial purchase price will have a negative impact on cash flow in the first quarter of 2024. There is also a compulsory put/call option that gives Elanders an opportunity to buy the remaining shares in a few years for a purchase price based on the company's performance in the coming years. Acquisition-related costs are estimated to amount to approximately SEK 20 million.

Bishopsgate will be part of the business area Supply Chain Solutions and will be consolidated into the Elanders Group as of February 2024. The acquisition is conditional on the fulfillment of customary contractual terms and is expected to be closed within a couple of weeks. The acquisition will be financed in part by an acquisition loan of £115 million from the Group's three main banks in cooperation with SEK, the Swedish Export Credit Corporation.

The loan will also finance parts of Elanders' acquisition of Kammac Ltd.