Huddlestock Fintech AS (OB:HUDL) has reached an agreement to acquire Visigon Nordic Ab.

Huddlestock Fintech AS (OB:HUDL) has reached an agreement to acquire Visigon Nordic Ab on May 5, 2021. Under the terms of transaction, Huddlestock Fintech will acquire all shares in a cash and share. The transaction will be settled through a combination of cash and Huddlestock shares, where 60 percent will be paid in cash and 40 percent in shares at a price of NOK 6.00 per share.

The funding of the acquisition of Visigon Nordic AB is fully guaranteed by a consortium of core shareholders. The proposed equity issuance of up to NOK 50 million will be done through a pre-emptive rights issue directed to existing shareholders. The offer period is expected to commence on May 14, 2021 to May 28, 2021, subject to extensions at the sole discretion of Huddlestock Fintech AS - but no longer than to June 1, 2021.

The proceeds from the issue of new equity will be used to fund the acquisition of the Nordic financial technology company, Visigon Nordic AB, to support the company's growth strategy and strengthen working capital.