ABEO, a leading global supplier of sports and leisure equipment, has closed the acquisition of 70% of the share capital and voting rights of HaTo World B.V. (“BigAirBag”), a Dutch manufacturer of inflatable landing airbags (see 15 June 2022 press release).
The agreement between ABEO and BigAirBag sole shareholder Huting Company B.V. covers the purchase of 70% of BigAirBag shares.
The agreement signed on 13 June 2022 provides for an earnout payment indexed to the company's performance during the first financial year following consolidation, as well as a combined put and call option on the remaining 30% equity stake.
The acquisition will be financed with equity via a 64% cash payment coupled with a 36% payment in ABEO shares.
Accordingly, exercising the authority delegated by the 28 July 2020 Combined Annual Shareholders' Meeting under its 21st resolution, on 11 July 2022 ABEO carried out a capital increase for a total amount of €499,980.39 including issue premium via issuance of 29,094 new ordinary shares with a par value of €0.75 each. These shares were fully subscribed by Huting Company B.V., BigAirBag sole shareholder.
The issued price of the new shares, including issued premium, was set at €17.185 per share by reference to the average volume-weighted share price over the 30 trading sessions preceding the signing of the agreement. This price represents an 8.4% discount on the average volume-weighted Company share price on Euronext Paris over the last three trading sessions, in compliance with the terms of the 21st resolution of the Company's Combined Annual Shareholders' Meeting on 28 July 2020.
The new shares are fungible with existing shares and will be admitted to trading on Euronext Paris on 13 July 2022 under the same product name as existing shares (ISIN FR0013185857). After completion of the transaction, ABEO's share capital will amount to €5,657,478.75 divided into 7,543,305 shares at a par value of €0.75 per share. A 1% pre-transaction equity stake will represent 0.99% of the share capital following the transaction.
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|ABEO is a major player in the sports and leisure market. The Group posted turnover of € 205.3 million for the year ended 31 March 2022, 74% of which was generated outside France, and has 1,413 employees. |
ABEO is a designer, manufacturer and distributor of sports and leisure equipment. It also provides assistance in implementing projects to professional customers in the following sectors: specialised sports halls and clubs, leisure centres, education, local authorities, construction professionals, etc.
ABEO has a unique global offering, and operates in a wide variety of market segments, including gymnastics apparatus and landing mats, team sports equipment, physical education, climbing walls, leisure equipment and changing room fittings. The Group has a portfolio of strong brands which partner sports federations and are featured at major sporting events, including the Olympic Games.
ABEO (ISIN code: FR0013185857, ABEO) is listed on Euronext Paris – Compartment C.
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