Orbit One operates in two production facilities in
Summary of the transaction
- HANZA acquires all shares in Swedish Orbit One.
-
The purchase price for the shares depends on the financial statements for
November 2023 and is estimated toSEK 367 million . In addition, there is an additional purchase price based on the company's performance in 2024, which is only due in the event of an improvement in earnings compared to 2023, and which is maximized atSEK 91 million . Given that the maximum additional purchase price is paid, the total purchase price on a debt-free basis corresponds to an EV/EBIT multiple of maximum 7. - The acquisition is financed by bank credits. There are no financing restrictions for executing the acquisition.
- Post acquisition, HANZA will stay well below the leverage target, which means that the interest-bearing net debt/adjusted EBITDA should amount to a maximum of 2.5.
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Closing is subject to regulatory approvals, which are expected to be received by early
January 2024 at the latest.
Orbit One's board member and co-owner
- HANZA is a good and long-term new owner with the strength and ability to continue developing Orbit One. We complement each other in an excellent way and the merger creates one of the Nordic region's most competitive contract manufacturers. Furthermore, HANZA, like Orbit One, places great emphasis on creating a good corporate culture with sustainable and sound values. This has been an important factor in the choice of a new owner.
HANZA CEO
- Orbit One is a respected colleague in the industry that has positioned itself as one of the leading electronics manufacturers. It is therefore with pride that we announce this acquisition that further develops HANZA's manufacturing cluster in
Orbit One's CEO
- "HANZA's unique manufacturing concept together with Orbit One's leading position in electronics manufacturing is a perfect combination. Together we will be able to develop and expand our businesses and become even stronger in our industry. This deal is good for both our customers and our employees.
The acquisition is expected to have a significant positive impact on the Group's financial targets for 2025, which is why the Board of Directors of HANZA intends to revise these shortly.
Orbit One's CEO,
Invitation to audiocast
In connection with the acquisition, HANZA invites investors, analysts and media to a combined conference call and audiocast at
The acquisition will be presented by CEO
Participate via webcast or teleconference:
https://financialhearings.com/event/48971
Advisers
The information in this report is that which HANZA is required to disclose under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, on
This disclosure contains information that
For further information please contact:
+46 709 50 80 70
e-mail: erik.stenfors@hanza.com
Lars Åkerblom, CFO
+46 707 94 98 78
lars.akerblom@hanza.com
Important information This press release may contain certain forward-looking statements that reflect HANZA's current views of future events and financial and operational performance. Words such as "intends", "anticipates", "expects", "may", "plan ", "anticipate" or similar expressions regarding indications or predictions of future developments or trends, and are not based on historical facts, constitute forward-looking information. Forward-looking information is inherently associated with both known and unknown risks and uncertainties because it is dependent on future events and circumstances. Forward-looking statements are not guarantees regarding future results or developments and actual results may differ materially from those set forth in forward-looking information.
About HANZA
HANZA is a global knowledge-based manufacturing company that modernizes and streamlines the manufacturing industry. Through supply-chain advisory services and with production facilities grouped into regional manufacturing clusters, we create stable deliveries, increased profitability and an environmentally friendly manufacturing process for our customers. The company was founded in 2008 and in 2022 had sales exceeding
For more information please visit: www.hanza.com
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