BEWi ASA (OB:BEWI) completed the acquisition of 54.21% stake in IZOBLOK S.A..
July 06, 2021
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BEWi ASA (OB:BEWI) entered into an agreement to acquire 54.21% stake in IZOBLOK S.A. (WSE:IZB) for €16.5 million on April 28, 2021. The agreed consideration for the 54.21% shares, as mentioned above, is approximately €16.5 million, of which approximately €13.5 million will be paid in cash and the remaining consideration will be settled through issuance of approximately 1.3 million new shares in BEWI ASA. The cash portion of the acquisition will be financed through available funds and acquisition finance provided by Nordea and is expected to be refinanced in due course through debt and/or equity. The existing management team of IZOBLOK, headed by CEO Przemyslaw Skrzydlak, will continue to lead the company. BEWI intends to be an active owner. Completion of the acquisition is conditional upon customary closing conditions. The acquisition is expected to be completed in the second quarter of 2021. SpareBank 1 Markets AS acted as M&A advisor and DLA Piper acted as legal advisor in the transaction. PwC acted as M&A advisor, Olesinski & Wspólnicy acted as legal advisor and Chabasiewicz, Kowalska & Partners acted as legal advisor to the sellers.
BEWi ASA (OB:BEWI) completed the acquisition of 54.21% stake in IZOBLOK S.A. (WSE:IZB) on July 7, 2021. On 6 May 2021, BEWI completed a private placement raising gross proceeds of NOK 200 million (€20.2 million) by issuance of 7067138 new shares .The net proceeds were primarily used to finance the acquisition of IZOBLOK, as well as maintaining a solid financial position.
Bewi ASA is a Norway-based international provider of packaging, components and insulation solutions. The Companyâs products protect and insulate everything from fish and vegetables to fragile products. They are used in walls, roofs and floors, under streets and roads and in bridges. Bewi ASA operates through four core business segments: RAW, a developer and producer of white and grey expanded polystyrene; Packaging & Components (P&C), a developer and manufacturer of standard and customized packaging solutions and technical components for customers in many industrial sectors; Insulation, a developer and manufacturer of a range of products and solutions for the building and construction industry, including foundations, walls, roofs, and ceilings, and Circular that offers different solutions for waste management and collection of used material, as well as offers a range of recycled materials. BEWI serves a range of end markets, such as pharmaceutical, automotive, and infrastructure.
BEWI ASA 
