Forte PV S.à.r.l entered into a share purchase agreement to acquire European Distributed Energy Assets AS and European Distributed Energy Assets AB from Otovo ASA (OB:OTOVO) for approximately NOK 400 million on October 6, 2023. The total consideration paid by the buyer at closing is approximately NOK 230 million. The proportion of EDEA MidCo AS?s debt that is attributable to EDEA AS and EDEA AB is NOK 153 million. As part of the transaction NOK 13.6 million will be withheld pending finalization of the financial license requirement for EDEA AS. Additionally, NOK 7.3 million will be held in an escrow account in Otovo?s name related to indemnities under the Share Purchase Agreement. Following closing of the transaction, EDEA NO and EDEA SE will hold the ownership to all subscription assets originated by Otovo in Norway and Sweden until 31 August 2023, and be entitled to all cash flows pursuant to such assets. Furthermore, the parties have entered into an agreement where Otovo shall continue to enter into new subscription agreements on behalf of EDEA NO and EDEA SE on a continuous basis until 31 December 2024. Closing is expected to occur in Q4 2023. SpareBank 1 Markets and DNB Markets are acting as financial advisors and Wikborg Rein is acting as legal advisor to Otovo in connection with the transaction.

Forte PV S.à.r.l completed the acquisition of European Distributed Energy Assets AS and European Distributed Energy Assets AB from Otovo ASA (OB:OTOVO) on November 15, 2023.