OTI Greentech AG
OTI Greentech AG signs purchase agreement for remaining 49% in Visionaire Energy AS
OTI Greentech AG / Key word(s): Mergers & Acquisitions OTI Greentech AG signs purchase agreement for remaining 49% in Visionaire Energy AS – Complete takeover represents important milestone for OTI Greentech – OTI Greentech now owns 100% of Visionaire Energy – Issue of 4.25m new shares in OTI Greentech as major part of purchase price payment Berlin, 28.05.2015 – OTI Greentech AG has signed a purchase agreement to acquire 49% in Visionaire Energy AS. Transfer of legal economic ownership of the shares is effective upon execution of the agreement. As a result, OTI Greentech now owns (directly and indirectly) 100% in Visionaire Energy and holds majority stakes in the two operational businesses, VTT Maritime and RADA Engineering & Consulting. The parties have agreed not to disclose full details of the purchase price but a major portion of the purchase price will be the issue of 4.25m new shares as part of capital increase by way of contribution in kind. This would result in an increase of the share capital of OTI Greentech AG to 26.35m Euro, divided into the same amount of common shares (no par value). The new issued shares will be subject to a lock-up period of 6 to 24 months. The products and services of VTT Maritime and RADA Engineering & Consulting complement the product offering of OTI Greentech AG and allow OTI Greentech to offer its international customers highly efficient and holistic Cleantech solutions. This allows OTI Greentech to substantially increase its market position and expands the economic potential of the company. These positive effects have already become apparent in the past months after the takeover of the first 51% of Visionaire Energy. About OTI Greentech AG OTI Greentech is a provider of engineering services and environmentally-friendly solutions to its customers world-wide. OTI Greentech operates through three market segments: Maritime, Energy and Industrial. The Maritime segment provides products, consultancy and engineering services to the global shipping and offshore oil & gas industries. The Energy segment provides innovative products and solutions (including EOR – Enhanced Oil Recovery). The Industrial segment provides environmentally-friendly OTI Greentech products and services in cleaning and waste management (including drilling muds and tailings ponds) as well as complex engineering services in infrastructure projects. OTI Greentech develops new generation environmentally-friendly chemicals for the above applications including the patented ECOSOLUT range of chemicals. The shares of OTI Greentech AG are listed on the Düsseldorf Stock Exchange. Contact: OTI Greentech AG 2015-05-28 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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