TRONDHEIM, NORWAY: NORBIT ASA is in exclusive negotiations regarding an add-on acquisition of an undisclosed international maritime technology company.
The acquisition will broaden the product offering in the Oceans segment. NORBIT has signed a term sheet to this effect.
“With the target company having developed a proprietary sonar technology, complementary to NORBIT’s current portfolio, this acquisition supports our strategy to broaden product offering in the Oceans domain by capitalizing on our global sales and distribution platform”, says Per Jørgen Weisethaunet, CEO of NORBIT.
A preliminary transaction price has been agreed, valuing the target company on a cash and debt-free basis of USD 3.6 million.
If completed, the acquisition is expected to be financed 65 per cent by cash through NORBIT’s available credit lines and 35 per cent private placement to the sellers of the target company (consideration shares).
The completion of the transaction is subject to due diligence and the parties entering into a binding agreement for the acquisition.
NORBIT is a global provider of tailored technology to selected niches, solving challenges through innovative solutions, in line with its mission to Explore More.
The company is structured in three business segments to address its key markets; Oceans, Connectivity and Product Innovation & Realization (PIR). The Oceans segment delivers tailored technology solutions to global maritime markets.
The Connectivity segment encompasses NORBIT’s technology within low power wireless solutions both related to electronic vehicle identification for tolling and tachograph enforcement, together with a new vertical comprising of the recently acquired Hungarian software solutions provider iData, as well as NORBIT’s initiatives within Connected Solutions in selected niche applications.
The PIR segment offers R&D services, proprietary products and contract manufacturing to key customers.
NORBIT is headquartered in Trondheim with manufacturing in Norway, has around 400 employees and a worldwide sales and distribution platform.