NIBE Industrier AB (publ) (OM:NIBE B) signed an agreement to acquire 50% stake in Go Geothermal Ltd on August 26, 2021. NIBE will acquire the remaining shares within a five-year period. Go Geothermal has 13 employees.

Go Geothermal´s management will continue as co-owners. Go Geothermal will work with CTC brand products in the Swedish Enertech Group and will be part of the NIBE Climate Solutions business area. The purchase price is not specified because the acquired business will only constitute a small part of the NIBE Group.

Financials reported as Sales in 2020 amounted to about £8.3 million with an operating margin well above 10%. Consolidation within NIBE will be from September 1, 2021. James Foster of Shoosmiths LLP acted as legal advisor for the shareholders of Go Geothermal Ltd. in the transaction.