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LINK Mobility Group ASA signs Term Sheet regarding acquisition of Linus AS

24 Giugno 2016

Linus.noLINK Mobility Group ASA (LINK) will through the planned acquisition of Linus AS further strengthen its position as the leading provider of B2C mobile messaging and mobile solutions in the Scandinavian and Baltic markets.

LINK has entered into a term sheet with Tonito AS, Eivind Sivertsen and Lars Erik Karlsen for the contemplated acquisition by LINK of 100 per cent of the shares in Linus AS.

Linus is a major provider of both mobile messaging and mobile communication solutions in the Norwegian market, especially for the financial sector. The mobile solutions developed by Linus contribute to a simpler and more effective way for a business to establish mobile dialog with its customers. The company provides both standard products as well as custom development based upon their customers’ needs. Linus was established in 1999, has 12 employees and is located at IT-Fornebu outside Oslo. In 2015 Linus reported revenues of NOK 57.1 million and EBITDA of NOK 8.3 million.

“LINK and Linus is a perfect match, and the acquisition will further strengthen our position as the leading provider of mobile messaging and solutions in Scandinavia and the Baltics. Joining forces with Linus will further broaden our services offerings to the benefit of both existing and new customers. The timing is also very good since the whole world is going mobile and LINK is at the forefront of this trend. LINK is the preferred partner for companies that wish to mobilize their business,” says, Arild E. Hustad CEO of LINK Mobility Group ASA.

“I am pleased to team up with LINK. I have no doubt that together we stand stronger. Linus has always been in the forefront of innovative mobile solutions, just as LINK has been. Merging the competence, skills and knowledge the two companies represent, will strengthen the basis for future innovative mobile solutions“, says Nicolay Bang, founder of Linus AS.

Anders Martin Andersen, CEO of Linus AS emphasizes “Rest assured, together with the Link Mobility team, our Customers and Partners can expect even more of the dedication and commitment Linus has represented in the past”.

The agreed enterprise value of Linus AS in the transaction is NOK 66 million, on a cash-free and debt-free basis and assuming a normalized level of net working capital. The purchase price under the transaction will, subject to customary adjustments, be settled as follows:

NOK 26.4 million will be paid in cash at closing
NOK 24.6 million will be settled at closing in the form of newly issued shares in Link Mobility Group ASA, the number of which shall be based on the closing price of the LINK-share on the Oslo Stock Exchange on 16 June 2016, i.e. NOK 73
NOK 15.0 million will be settled at closing in the form of loan notes providing for a seller’s credit to be paid within 36 months after closing. The seller’s credit will bear an interest of 5 per cent p.a., to be calculated and paid quarterly
The enterprise value is based upon an assumed EBITDA for Linus AS in 2016 of NOK 11 million, and will be subject to adjustments pursuant to an earn-out provision.

The acquisition is conditional upon a satisfactory result of the due diligence

process to be performed, and upon LINK Mobility Group ASA and Tonito AS, Eivind Sivertsen and Lars Erik Karlsen agreeing on the terms and conditions of a legally binding share purchase agreement for the consummation of the transaction, containing, inter alia, customary closing conditions. The acquisition is furthermore subject to approval of the Board of Directors of LINK Mobility Group ASA.

The transaction is expected to close on or around 1 September 2016.

LINK is the leading provider of B2C mobile messaging and mobile services in the Scandinavian and Baltic markets. LINK is headquartered in Oslo, and has offices in Oslo, Bergen, Stockholm, Malmö, Copenhagen, Kolding, Riga and Tallinn. LINK has during the last years experienced stellar growth in terms of both revenue and profits. In 2015 LINK Mobility reported revenues of NOK 361.4 million and adjusted EBITDA of NOK 50.0 million.

For further information, please contact:

Arild E. Hustad, CEO
LINK Mobility Group ASA
Mob: +47 95241930


IR Contact Siw Ødegaard, CFO
LINK Mobility Group ASA
Mob: +47 95759848


Anders Martin Andersen, CEO
Linus AS
Mob: +47 90924724

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