Savosolar Oyj (OM:SAVOS) signed a conditional share exchange agreement to acquire Meriaura Oy and the business of Vg Ecofuel Oy from Jussi Mälkiä, Vg Ecofuel Oy and others on August 29, 2022. Under the terms of agreement, the transaction consideration is paid in stock. Post completion of the acquisition, Savosolar's current shareholders will own 30% and VG-Shipping 70% of the new corporate entity.

The shareholders of Savosolar will have 30% and VG-Shipping 70% of Savosolar shares. VG-Shipping will be the majority owner of the new Savosolar after the merger. Savosolar Oyj aims to continue being listed on the First North Growth Market in both Stockholm and Helsinki.

Ownership of Savosolar Oyj shares will be divided after the transaction as follows: VG-Shipping Oy 70.0%, owned by: Jussi Mälkiä approximately 51%, Aura Mare Oy approximately 34%, owned entirely by Jussi Mälkiä, Riinu Walls approximately 10% Other individual owners approximately 5%. Jussi Mälkiä will continue as the principal owner and Chairman of the Board of VG-Shipping. The planned transaction is contingent on the decisions of Savosolar Oyj's Extraordinary General Meeting on the approval for the transaction, the directed offering, and other matters directly linked to the share exchange under the decision-making power of the general meeting.

Implementation of the transaction requires a written consent to the change in the company's ownership from Meriaura's financiers (Nordea, Finnvera, Varma). This should be obtained before Savosolar's Extraordinary General Meeting. Savosolar Oyj's current Board members Eero Auranne, Eljas Repo, and Ari Virtanen would continue, and new members would be Jussi Mälkiä, Kirsi Suopelto, and Ville Jussila.

Kirsi Suopelto is proposed to be the Chairman of the Board and Eero Auranne the Vice Chair. Jari Varjotie will continue as Savosolar Oyj's CEO and Bengt-Erik Rosin as Meriaura Oy's Managing Director. The transaction is not expected to have any effect on the personnel of the companies or their contractual relations.

As on November 18, 2022, Savosolar Plc has received a conditional approval from Nasdaq Stockholm AB for the continued listing of Savosolar Plc's shares on Nasdaq First North Growth Market after the acquisition of Meriaura Oy.