Skarta-Privanet acquisition

Skarta Group Oy and Privanet Group Plc, listed on the First North Growth Market Finland, signed a share exchange agreement on 22 June 2021, with which Privanet Group Plc acquired the shares of Skarta Group Oy. Closing of the transaction took place in 15 July 2021.  Privanet Group Oyj’s name was changed to Skarta Group Oyj and its industry was changed to correspond Skarta Group’s industry upon the exchange of shares. Skarta Group Oy continues its operations with the name Skarta Finland Oy.

The acquisition in brief

  • Privanet Group Plc acquired all shares of Skarta Group Oy by arranging the shareholders of Skarta Group Oy a directed share issue covering 232,379,426 new shares of Privanet Group Plc, which were paid for with in-kind considerations in the form of shares of Skarta Group Oy.
  • In addition, Privanet Group Plc arranged a directed share issue to its bondholders, in which 25,851,291 new shares were subscribed. The subscription price was 0.20 euros per share which corresponds to the share issue directed to Skarta Group Oy’s shareholders, and it was paid by offsetting a receivable from the company of the subscriber.
  • Martti Haapala, Markku Kankaala, Matti Manninen, Jari Suominen and Kim Wiio were elected Members of the Board of Directors at the Extraordinary General Meeting.

Read the Financial Reports and Annual General Meeting materials published by Privanet Group Plc prior to the implementation of the share exchange here (in Finnish).

Read the press releases issued by Privanet Group Plc prior to the implementation of the share exchange here (in Finnish).