OTI Greentech AG has signed a purchase agreement to acquire 49% in Visionaire Energy AS. Transfer of legal economic ownership of the shares is effective upon execution of the agreement. As a result, OTI Greentech now owns (directly and indirectly) 100% in Visionaire Energy which, in turn, owns the majority stakes in the two operational businesses, VTT Maritime and RADA Engineering & Consulting.
The parties have agreed not to disclose full details of the purchase price but a major portion of the purchase price will be the issue of 4.25m new shares as part of capital increase by way of contribution in kind. This would result in an increase of the share capital of OTI Greentech AG to 26.35m Euro, divided into the same amount of common shares (no par value). The new issued shares will be subject to a lock-up period of 6 to 24 months.
The products and services of VTT Maritime and RADA Engineering & Consulting complement the product offering of OTI Greentech AG and allow OTI Greentech to offer its international customers highly efficient and holistic Cleantech solutions. This allows OTI Greentech to increase its market position and expands the economic potential of the company. These positive effects have already become apparent in the past months after the takeover of the first 51% of Visionaire Energy by the company’s Swiss subsidiary.