Wetteri Oyj (HLSE:WETTERI) agreed to acquire Suvanto Trucks Oy for approximately ?4.2 million on December 11, 2023. The acquirer in the transaction is Wetteri Plc, to which the entire share capital of Suvanto Trucks will be transferred to in the transaction. Under the terms of agreement, transaction with Suvanto Trucks is based on a 100% share exchange at a purchase price of ?4.160 million. Wetteri Plc will execute a share issue directed to the seller as payment for the purchase price under the Board of Directors? authorisation to issue shares. Wetteri Plc?s financial guidance will not change due to the planned acquisition. As a result of the transaction, we will be the only Finnish operator building a national dealership network for used heavy vehicles. Around 20 automotive professionals will be transferred to Wetteri as existing employees post completion of the acquisition. For the year ending 2022, Suvanto Trucks had Revenue of ?30.051 million, Operating profit (loss) of ?1.307 million and Assets of ?12.317 million.

The transaction is conditional on the parties? decisions, due diligence, confirmation of funding, and approval from the Finnish Competition and Consumer Authority. The transaction is expected to be completed by the March 31, 2024. As of February 20, 2024, the transaction is to be executed on February 29, 2024.

Wetteri Oyj (HLSE:WETTERI) completed the acquisition of Suvanto Trucks Oy on February 29, 2024.