Hiddn Solutions has entered into a Letter of Intent (LOI) for a potential business combination with Energos Group to add new business lines providing technology and solutions to the global renewable energy production industry.
Image: Hiddn Solutions has entered into a Letter of Intent (LOI) for a potential business combination with Energos Group. Photo: Courtesy of Cytonn Photography on Unsplash.
“We are pleased to announce the ambition to join forces with Energos to further develop and fuel the growth of an already strong and profitable business line within supplying technology and solutions for renewable energy production. Energos has a solid platform in this global industry and we look forward to developing our joint value creation opportunities” says Carl Espen Wollebekk, CEO of Hiddn.
Reference is made to Hiddn’s stock exchange notice on 18 March 2019, announcing that the company had entered into discussions with a privately-owned technology based, industrial group. Hiddn and Energos has on 24 March 2019 entered into a LOI with the ambition to consolidate the two entities. Following the potential transaction, the Energos shareholders are expected to hold 70% of Hiddn on a fully diluted basis. Energos reports non-audited revenues in 2018 of approximately NOK 165 million and an EBIT of NOK 20 million for continued businesses.
Hiddn will prepare and publish an information document or a prospectus, as applicable, as part of the business combination.
“By combing Hiddn and Energos, the company will have significant opportunities to continue profitable growth and expansion within renewable energy production, while at the same time leveraging on our position as a leading technology provider in the global encryption market. With additional available resources, we will be able to further increase our product offering and distribution capabilities”, Wollebekk concludes.
Source: Company Press Release.