Tibnor AB agreed to acquire steel distribution business from Sanistål A/S (CPSE:SANI) for approximately SEK 630 million on November 9, 2018. The acquisition includes Sanistål's modern and highly automated steel distribution center (42,000 square meters) in Taulov and three other sales offices in Denmark as well as a sales office in Latvia. The steel distribution business generated revenues of around SEK 1.8 billion in 2017. As part of the transaction, around 130 employees will transfer to Tibnor. The transaction is subject to the approval of the Danish competition authority. The transaction was approved by the Danish competition authority as of March 20, 2019. The transaction is expected to close in the early part of the second quarter of 2019. The acquisition is expected to be earnings and cash flow accretive from closing. Danske Bank A/S acted as financial advisor to Sanistål. Tibnor AB completed the acquisition of steel distribution business from Sanistål A/S (CPSE:SANI) on April 17, 2019.