OTI Greentech AG (WKN A2TSL2) is planning to acquire 100% of KMI Cleaning Solutions Inc., one of the largest suppliers of cleaning chemicals and equipment for the truck wash market in the USA and in Canada. All issued shares in KMI Cleaning Solutions Inc. are to be acquired from the two founders who each own 50% of the company. To this purpose, the parties have now signed a term sheet. Payment for the shares is to be made by way of issuing new shares in OTI Greentech AG. A pre-condition for the transaction is the completion of the conversion into shares of all convertible bonds issued by OTI Greentech.
The joint venture with KMI Cleaning Solutions has been in operation since May 2017.