Vitec Software Group AB (publ) (OM:VIT B) acquired ABS Laundry Business Solutions for €100 million on July 6, 2022. The consideration for 100% of the shares in ABS consists of a cash payment of €70 million and through a convertible debenture of €10 million. An additional purchase consideration up to a maximum of €20 million will be based on future financial performance. The acquisition has been financed through Vitec Software Group's existing credit facilities and the convertible debenture with deviation from shareholders' preferential rights in accordance. ABS reported sales of SEK 203 million (€19.74 million) and an EBITA of SEK 82 million (€7.97 million) for the 2021 financial year. Under the transaction, 140 new employees of ABS will be joining Vitec Software Group.

The acquisition is expected to yield an immediate increase in earnings per share for Vitec. Frederik van der Schoot, Alexander Gryson, Jan-Pieter van Doorn and Ivo de Bruin of Oaklins N.V. acted as the financial advisor, AKD N.V. acted as the legal advisor, and PWC acted as the financial and tax due diligence advisor to Vitec.

Vitec Software Group AB (publ) (OM:VIT B) completed the acquisition of ABS Laundry Business Solutions on July 6, 2022.