Webstep ASA divests its operations in Sweden

OSLO, NORWAY: Webstep ASA, commonly known as Webstep, has announced on May 23, 2024, that it has entered into a definitive agreement to sell its subsidiary, Webstep AB. The acquiring party is B3 Consulting Group AB, a company publicly traded in Sweden, which will take over all shares of Webstep AB.

The deal, which is a strategic divestiture for Webstep, involves a total purchase price of SEK 50,981,658. In accordance with the terms of the transaction, B3 Consulting Group will pay half of this amount, SEK 25,490,829, to Webstep at the time of the transaction’s closing. The balance will be settled through a vendor note, which is scheduled to be paid nine months after the closing date.

This transaction is poised to close in the second half of 2024, provided it passes all necessary regulatory approvals and meets other standard closing conditions. The sale of Webstep AB represents a pivotal shift for Webstep ASA as it reshapes its business portfolio and for B3 Consulting Group AB as it expands its presence in the technology sector.

The chairperson of Webstep’s board of directors, Kjell Magne Leirgulen, comments: “The sale of our Swedish subsidiary Webstep AB is a result of a strategic decision to shift our focus from being a Nordic to a Norwegian company. We know B3 Consulting Group as a well-managed company and believe B3 will be the right owner for our subsidiary going forward.”

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