NORBIT to broaden the product offering in Oceans through an acquisition
Trondheim, 4 September 2023: NORBIT announces an add-on acquisition of the Canadian maritime technology company PING DSP. The acquisition will broaden the product offering in the Oceans segment.
“With the target company having developed an Interferometric Side Scan Sonar technology, complementary to NORBIT’s current portfolio, this acquisition supports our strategy to broaden product offering in the Oceans domain by capitalizing on our global sales and distribution platform”, says Per Jørgen Weisethaunet, CEO of NORBIT.
The target company is valued at USD 3.24 million on a cash and debt-free basis. The acquisition is to be financed 70 per cent by cash and 30 per cent as a private placement to the sellers of the target company (consideration shares).
Closing is expected to take place end of September.
For further queries, please contact:
Per Jørgen Weisethaunet, CEO, +47 959 62 915
Per Kristian Reppe, CFO, +47 900 33 203
About NORBIT ASA
NORBIT is a global provider of tailored technology to selected applications, solving challenges and promoting sustainability through innovative solutions, in line with its mission to Explore More. The company is structured in three business segments to address its key markets: Oceans, Connectivity and Product Innovation & Realization. The Oceans segment delivers tailored technology solutions to global maritime markets. The Connectivity segment provides wireless solutions for identification, monitoring and tracking. The Product Innovation & Realization segment offers R&D services, proprietary products, and contract manufacturing to key custofmers. NORBIT is headquartered in Trondheim with manufacturing in Europe, has around 450 employees, and a worldwide sales and distribution platform.
For more information: www.norbit.com
The information is such that NORBIT is required to disclose in accordance with the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
The information was submitted for publication by Elise Heidenreich, Investor Relations at NORBIT ASA, on 4 September 2023 at 07:15 CEST.
