Mic AG (XTRA:M3BK) entered into a term sheet to acquire faytech AG from Arne Weber for €22.95 million on July 29, 2021. As per the terms of the agreement, Mic AG will pay €4.532 million in cash, and balance shall be paid in issuance of new shares. The cash component is to be financed preferably by debt or existing equity. In addition, an earnout component of maximum €7.138 million is to be agreed, which is linked to the achievement of the target figures of faytech AG for the next three years. This is also to be paid in shares of mic AG. Upon completion of the transaction, Arne Weber, founder and former major shareholder of faytech AG, will become one of the largest single shareholders of mic AG. He will continue to manage faytech AG together with fellow board member Peter Trosien. The transaction is subject to due diligence consummation, signing of Definitive agreement, and is expected to be signed with binding effect by October 1, 2021. WTS as accountant and FAS as financial advisor to Pyramid AG in the run-up to the takeover of faytech AG. Heuking Kühn Lüer Wojtek acted as legal advisor to Pyramid AG.

Mic AG (XTRA:M3BK) completed the acquisition of faytech AG from Arne Weber on January 1, 2022.