Dovre Group Plc Stock Exchange Release January 2, 2025, at 4 pm
Dovre Group completes the sale of its Project Personnel and Norwegian Consulting businesses to NYAB AB
Dovre Group has today completed the sale of its Project Personnel and Norwegian consulting businesses to NYAB AB in accordance with the conditional share sale and purchase agreement signed and announced on 20 November 2024. All conditions precedent to completion of the transaction have been fulfilled, including Dovre Group's Extraordinary General Meeting having approved the transaction on 16 December 2024.
The preliminary purchase price paid on closing was approximately 35.3 MEUR. The preliminary purchase price was determined on the basis of the estimated FY2024 EBIT of the sold businesses of 4.3 MEUR (as estimated on 20 November 2024) multiplied by 7 plus compensation for estimated net cash and adjustment for the estimated working capital position as of 31 December 2024 (as estimated on the basis of the pro forma financials as at 30 November 2024).
Of the preliminary purchase price, Dovre Group received approximately 28.2 MEUR in cash, while approximately 7.1 MEUR was deposited to an escrow account as security for the buyer's benefit to satisfy any potential repayment obligation of Dovre Group in respect of the final purchase price. The final purchase price is expected to be determined during the first half of 2025 based on actual adjusted EBIT for the financial year 2024 and actual net cash and net working capital positions as of 31 December 2024. Dovre Group estimates that the final purchase price will not deviate substantially from the preliminary purchase price paid on closing.
On 20 November 2024 the final purchase price was estimated to be approximately 34 MEUR.
The determination of the preliminary purchase price and Dovre Group's revised estimate of the final purchase price have no impact on Dovre Group's guidance for 2024, which has been given for the retained business only.
The sold businesses are classified as assets held for sale and rules concerning discontinued operations according to IFRS 5 are applied. This means that the result from the sale will be presented on a single line below the result of the continued operations.
For more information, please contact
Dovre Group Plc
Sanna Outa-Ollila, Acting CEO
Tel. +358 20 436 2000
sanna.outa-ollila@dovregroup.com
Dovre Group is a provider of renewable energy project development and construction projects in wind, solar, battery energy storage systems and heat pump facilities in the Nordic countries through Group companies Suvic Oy and Renetec Oy. In addition, Proha Oy provides project management software with related services and eSite provides industrial virtual reality services. The estimated sales for the Group in 2024 are 88-93 MEUR and it employs approximately 200 people. Website: www.dovregroup.com
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Nasdaq Helsinki Ltd
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