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ENTERPRISE IOT, INFRASTRUCTURE

Norbit Completes IoT Start-up CPS AS Acquisition and Issues New Shares

NORBIT ASA | February 06, 2023 | Read time : 01:32 min

NORBIT, a leading supplier of customized technology solutions, has completed the acquisition of IoT startup CPS AS. CPS will be a part of the Connectivity segment. The transaction places an enterprise value of NOK 13 million on CPS, amounting to an equity value of NOK 12.6 million. It will be financed through consideration shares and cash.

The consideration shares will be issued at a price equal to the five-day volume-weighted share price of NORBIT ASA before the signing of the share purchase agreement, with a total value of NOK 9.0 million. The cash payment will amount to NOK 3.6 million.

As part of the transaction's partial settlement, the board has decided to issue 298,059 consideration shares to the sellers at NOK 30.25107 per share. The resolution is based on the company's annual meeting on 4 May 2022 authorization to increase the share capital. After registration of the increase in share capital in the Norwegian Register of Business Enterprises, NORBIT's share capital will be 59,199,198 at a par value of NOK 0.10, totaling NOK 5,919,919.80.

About NORBIT ASA

NORBIT ASA Headquartered in Trondheim (Norway), NORBIT is a global provider of niche-specific technology, addressing problems with sustainable and innovative solutions. To work with key markets, the company is divided into three business units: Oceans focuses on global maritime markets, Connectivity offers low-power wireless solutions for monitoring, identification, and tracking of vehicles and other valuable assets; and PIR (Product Innovation and Realization) provides R&D services and contract manufacturing. The company has roughly 400 employees and operates a global sales and distribution platform.

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