DNV AS made an offer to acquire 98.98643% stake in Nixu Oyj (HLSE:NIXU) for approximately ?100 million on February 16, 2023. The funds immediately available to the Offeror suffice for completing the Tender Offer and for financing the potential compulsory redemption proceedings in accordance with the Finnish Companies Act. The Offeror's obligation to complete the Tender Offer is not conditional upon availability of financing. As at the date of this release, Nixu has 7,447,219 issued shares, of which 7,445,693 are outstanding Shares and 1,526 of which are held in treasury, and a total of 219,300 outstanding Stock Options, comprising of 63,800 Stock Options 2019A, 68,000 Stock Options 2019B and 87,500 Stock Options 2019C. As at the date of this release, the Offeror holds 75,467 Shares and votes in Nixu. The price offered for each Stock Option validly tendered is ?0.91 in cash for each outstanding Stock Option 2019A, ?3.52 in cash for each outstanding Stock Option 2019B and ?3.05 in cash for each outstanding Stock Option 2019C subject to any adjustments. The deal is subject to Nixu board approval, regulatory and antitrust approval. As of February 16, 2023 Nixu board approved the deal. As of The Tender Offer is currently expected to be completed during the second quarter of 2023. As of February 27, The tender offer will commence on February 28, 2023 and and expire on April 17, 2023. As of March 10, 2023, The Finnish Financial Supervisory Authority has today approved a supplement to the tender offer document relating to the Tender Offer. As of April 5, 2023, the offer is pending approval from the Ministry of Economic Affairs and Employment of Finland due to which the offer period is extended to May 3, 2023, unless the offer period is extended further, or any extended offer period is discontinued. As of April 21, 2023, The Finnish Financial Supervisory Authority has today approved a Finnish language supplement document to the tender offer document relating to the Tender Offer. As of May 24, 2023, the transaction has received all relevant competition and other regulatory authorities approvals for the completion of the Tender Offer, including approval from Ministry of Economic Affairs and Employment of Finland. As of June 6, 2023, based on the preliminary result of the tender offer, the offeror holds approximately 92.4% stake in Nixu. As of May 3, 2023, DNV AS has decided to extend the offer period for the tender offer to May 22, 2023. As of May 22, 2023, due to pending approval, DNV AS has decided to extend the offer period for the tender offer to June 5, 2023. The transaction is expected to be completed during the second quarter of 2023. As of June 8, 2023, 6.57 million Shares tendered in the Tender Offer represent approximately 88.3% of all the Shares and voting rights carried by the Shares and, together with the 0.36 million Shares held by the Offeror, represent approximately 93.2%of all the Shares and voting rights carried by the Shares. Minimum Acceptance Condition and all other conditions to completion have been satisfied, the Offeror will complete the Tender Offer in accordance with its terms and conditions. DNV has begun a subsequent tender offer period, inviting holders of remaining shares in Nixu to tender their shares by June 26, 2023. The offer price will be paid on or about June 12, 2023. Offeror has decided to commence a subsequent offer period for the remaining shareholders the possibility to accept the Tender Offer. The Subsequent Offer Period will commence on June 9, 2023, and expire on June 26, 2023. As of June 20, 2023, DNV takes ownership of more than 93% of shares in Nixu. Nixu Board gives recommendation supporting DNV?s tender offer. Nixu Chief Executive Officer Teemu Salmi will lead the combined business.

Alexandra Therman-Londen, Nuutti Niinistö, Joosep Kadak, Jens Nystrand, Klara Wessman and Ingar Nissen-Meyer of Nordea Bank Abp acts as financial advisor to DNV in connection with the Tender Offer and arranger in relation to the Tender Offer outside the United States. In addition, DNV has retained White & Case LLP as legal advisor in connection with the Tender Offer and Miltton Ltd as the communication advisor. Nixu has retained Danske Bank as financial advisor and Juha Koponen, Mia Mokkila, Asko Lindqvist and Henriikka Piekkala of Borenius Attorneys Ltd as legal advisor in connection with the Tender Offer.

DNV AS completed the acquisition of remaining 98.98643% stake in Nixu Oyj (HLSE:NIXU) on June 26, 2023.