Altor Fund VI (No. 1) AB and Altor Fund VI (No. 2) AB, managed by Altor Fund Manager AB made an offer to acquire Permascand Top Holding AB (publ) (OM:PSCAND) from the group of shareholders for SEK 1 billion on December 19, 2023. The consideration payable in respect of the Offer is financed in full by funds available to Altor PC by way of an equity commitment letter issued by Altor Fund VI. Altor PC will thus have sufficient funds to fully pay the consideration in the Offer. The Offeror through irrevocable undertakings by shareholders to accept the Offer, secured acceptance from shareholders representing in total 40,301,367 shares, corresponding to approximately 68 percent of the shares and votes in Permascand. The Board of Directors of Permascand unanimously recommends the shareholders in Permascand to accept the Offer, based on, inter alia, a fairness opinion from Grant Thornton Sweden AB according to which the Offer is fair to Permascand?s shareholders from a financial point of view. In the event that the Offeror becomes the owner of more than 90 percent of the shares in Permascand, the Offeror intends to initiate a compulsory redemption procedure to acquire all remaining shares in Permascand. The offer will close on January 19, 2023. As of January 22, 2024, Altor PC AB extends the acceptance period until February 2, 2024, for the Offer to the shareholders in Permascand Top Holding AB. At the end of the acceptance period on January 19, 2024, the Offer had been accepted by shareholders representing 46,227,270 shares, corresponding to approximately 78% of the total number of outstanding shares and votes in Permascand. Altor PC has further decided not to increase the price of SEK 17 per share in the Offer. The terms of the Offer will remain unchanged, including the conditions for completion and provisions of the Offer set out by Altor PC. As on February 2, 2024, the Offer had been accepted by shareholders representing 56,501,583 shares, corresponding to approximately 95%of the total number of outstanding shares and votes in Permascand. As on February 5, 2024, Altor announces that all conditions for completion of the Offer have been fulfilled. Accordingly, the Offer is declared unconditional and Altor will complete the acquisition of the shares tendered in the Offer. Altor also announces that it has resolved to further extend the acceptance period for the Offer up to February 16, 2024 to allow remaining shareholders in Permascand to accept the Offer.

Johan Steen, Johan Thiman, Tilman Kuhn, Orion Berg and David Johansen of White & Case Advokat AB acted as legal advisor to Altor Fund Manager AB. Sten Hedbäck and Johan Wigh of Advokatfirman Törngren Magnell KB acted as legal advisor to Permascand Top Holding AB. Carl Montalvo, Per Svensson, Zeki Algan of SEB Corporate Finance advises Altor. BofA Securities acted as exclusive financial advisor to Norvestor.

Altor Fund VI (No. 1) AB and Altor Fund VI (No. 2) AB, managed by Altor Fund Manager AB completed the acquisition of Permascand Top Holding AB (publ) (OM:PSCAND) from the group of shareholders on February 16, 2024. Settlement of shares duly tendered in the Offer during the final acceptance period and not later than February 16, 2024 is expected to commence on or around February 26, 2024.