OTI Greentech (AG ISIN DE000A2TSL22, „OTI“), an international provider of innovative and sustainable chemicals and services for industrial applications listed on the stock exchange in Düsseldorf has entered into a binding agreement to acquire 100 percent of the shares of KMI Cleaning Solutions, Inc. (“KMI”) (see ad hoc dated October 15, 2020). The purchase price includes a cash component of US$ 2.762 million, of which US$ 1.120 million is due at the time of acquisition. The remaining amount will be paid in variable installments over time.
In addition to the cash component, another 2,996,095 shares will be issued as part of capital increase through contributions in kind. A value per share of EUR 1.18 was agreed. This will increase nominal equity to € 10,514,235 by the end of the 3rd quarter of 2021. After completion of the capital increase, the owners of KMI will become significant shareholders of OTI. The legal implementation and closing of the acquisition is expected by the end of August 2021.
After consolidation, OTI expects revenues of approximately € 8.5 million and positive earnings before interest, taxes, depreciation and amortization, EBITDA, in 2021.
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Explanatory section
The 2020 annual report can be downloaded from www.oti.ag under Investor Relations (available in German).