Samhällsbyggnadsbolaget i Norden AB (publ) (OM:SBB B) and OBOS BBL entered into an agreement to acquire 88.11% stake in Solon Eiendom ASA (OB:SOLON) from Samhällsbyggnadsbolaget i Norden AB (publ) for NOK 3.16 billion in an equity reinvestment transaction on December 19, 2021. The share price in the transaction has been set at NOK 44, which gives SBB NOK 1.6 billion in net cash consideration. As a first step in the collaboration, SBB has sold its shares in Solon Eiendom ASA to a company jointly owned by SBB and OBOS, Solon Eiendom Holding AS.

Pursuant to the agreement OBOS BBL will acquire 49.5% and representatives from Solon management will acquire 1% of the shares in Solon Eiendom Holding AS, respectively. Of SBB's current shareholding in Solon Eiendom ASA, 12,416,230 shares are held through SBB in Norden AB, a wholly-owned subsidiary of SBB. SBB in Norden AB will transfer such shares to SBB prior to the transaction.

Post completion, Solon Eiendom Holding AS will own 71,882,520 shares in Solon Eiendom ASA, corresponding to 88.11%. SBB and SBB in Norden AB will no longer own any shares directly in Solon Eiendom ASA, but SBB will own 49.5% of the shares in Solon Eiendom Holding AS. SBB will launch a mandatory offer for the remaining shares in Solon Eiendom ASA by December 22, 2021.

The mandatory offer will be launched as planned and all shares acquired by SBB in such mandatory offer and/or subsequent compulsory acquisition will be transferred to Solon Holding on the same terms. The transaction is expected to complete on December 22, 2021.