Vertiseit has entered into an agreement with the shareholders of Visual Art to acquire all outstanding shares in Visual Art.
The purchase price amounts to SEK 469 million, corresponding to a company valuation of SEK 457 million on a debt- and cash-free basis, and will be comprised of cash payment, issue of new B-shares in the Company and warrants, entitling the sellers to subscribe for up to one million B-shares in Vertiseit.
The cash portion of the purchase price is financed through a combination of new debt and equity, consisting of a new long-term credit facility of SEK 225 million provided by Nordea, and a share issue of approximately SEK 250 million.
Bonnier Capital has entered into a binding commitment to participate in the Directed Issue with a total amount of SEK 200 million. The amount will be provided by Bonnier Capital in the form of a bridge loan amounting to SEK 200 million until the Directed Issue is approved by the general meeting and the new issue is registered with the Swedish Companies Registration Office.
Bonnier Capital’s binding commitment is essentially conditional partly on the acquisition of Visual Art, partly that the extraordinary general meeting approves the Directed issue, whereby Bonnier has the right and obligation to receive payment for Bonnier Capital’s claim by offsetting and subscribing for B shares in the Company.
Following completion of the Directed Issue and its subsequent approval by the extraordinary general meeting, Bonnier Capital’s ownership in the Company will amount to approximately 17.7 percent, and the reinvesting Sellers’ ownership will amount to approximately 4.1 percent of the Company’s total number of outstanding shares.
The acquisition took effect October 2, 2024.
Vertiseit now owns Grassfish, DISE, MultiQ and (now) Visual Art.
Follow DailyDOOH