Lokotech Group AS is pleased to announce the conditional acquisition of a 66.6% stake in Powerpool for ?0.7 million on January 30, 2024. The consideration is as: 30% Cash on closing of sale-and-purchase agreement, approximately ?300,00; 25% 12-months Sellers Credit, with stepwise discount(s) related to eventual underperformance of Powerpool, approximately ?250,000 ;25% Shares issued at 1.8 NOK/share with 3 months lock-up, 1,554,915 shares ;20% Shares issued at 1.8 NOK/share with 6 months lock-up, 1,243,932 shares, totaling approximately 1.59% of total shares outstanding after dilution. The share issue is planned conducted under the power of attorney given to the board of directors on the general assembly 1st of June 2023.

Powerpools founder, Mr. Ruben Gómez Morales, will take on the role as CEO for the joint venture to drive its growth and strategic and synergistic activities within Lokotech Group. At the time of writing, due diligence has commenced. Based on December 2023, Powerpool has an annualized EBIT of approximately ?0.5 million and an annualized gross turnover of approximately ?11 million.

The transaction is expected to be completed within 30 days.