SpareBank 1 Østlandet (OB:SPOL) signed a letter of intent to acquire Totens Sparebank (OB:TOTG) for NOK 1.1 billion on January 3, 2024. As per the terms of the transaction, the banks have agreed on a total consideration where SpareBank 1 Østlandet pays a merger consideration corresponding to 1.80 equity capital certificates in SpareBank 1 Østlandet per equity capital certificate in Totens Sparebank, with the addition of a cash consideration of NOK 7.7880 per equity capital certificate in Totens Sparebank, which gives a total merger consideration equivalent to 1.86 equity capital certificates in SpareBank 1 Østlandet per equity capital certificate in Totens Sparebank. As on January 15, 2024, The banks' boards have approved a plan for merging the banks. The merged bank will continue under the name SpareBank 1 Østlandet. The boards of the two banks will now present the proposed merger to the supervisory board and the general meeting of the banks respectively. The completion of the merger is, among other things, conditional on the supervisory board and the general meeting in the two banks making the necessary resolutions at meetings on February 22, 2024, and necessary supervisory authorities? approvals being granted without conditions or on terms that do not significantly change the assumptions the banks have made as a basis for the merger. The aim is to complete the merger during the third quarter of 2024.

SpareBank 1 Østlandet has engaged SpareBank 1 Markets AS as financial adviser and Advokatfirmaet Selmer AS as legal adviser in connection with the merger. Totens Sparebank has engaged ABG Sundal Collier ASA as financial adviser and Advokatfirmaet BAHR AS as legal adviser.