Allterco JSCo / Key word(s): Mergers & Acquisitions/Takeover
29-Jul-2022 / 18:05 CET/CEST
Publication of inside information according to Article 17 MAR
Allterco JSCo announces signing of term sheet for acquisition of Slovenian IoT provider GOAP d.o.o.
Sofia / Munich, 29 July 2022 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco” / the “Company”) announces the signing of a binding term sheet between Allterco and the four shareholders (one legal entity and three individuals) of GOAP d.o.o. (“GOAP”) on the general terms and conditions for the acquisition of the Slovenian IoT provider in two stages, as follows:
1st stage: Acquisition of 60% of the shares in GOAP for the amount of EUR 2 million subject to a conclusion of a Share Purchase Agreement.
2nd stage: The remaining 40% of the shares belonging to the three individual shareholders of GOAP, shall be subject to conclusions of Call and Put Option Agreements under which Allterco shall have a call option to acquire and the sellers have put options to sell the remaining shares. The exercising of the options shall be at the respective option holder’s discretion in one or several steps and against a price which shall vary in a predefined range depending on predefined measurable results of GOAP within a predefined period of time. If the results of GOAP within the predefined period of time do not reach a predefined threshold, then the sellers shall have no put option rights but Allterco shall retain call option rights executable against a predefined minimal price. The specific terms of the options, including the price, are subject to further negotiations between the parties.
Allterco has the right to settle up to 50% of the total price due to the individual shareholders against its own shares.
The tentative closing date for the transaction is 3 months after the signing of the term sheet. Under certain conditions this term can be extended by up to 3 additional months.
With the acquisition, Allterco intends to expand its technology portfolio and thus extend its product offering for both customers and professional users.
Allterco JSCo will officially disclose further information on the progress of the negotiations in compliance with the statutory requirements.
For further information, please visit allterco.com.
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