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Beskrivning
| Land | Sverige |
|---|---|
| Sektor | Handel & varor |
| Industri | Dagligvaror |
The newly elected board of directors of GET Group AB (publ) ("GET Group" or "the Company") has completed its strategic review. Based on its solid balance sheet with geothermal assets worth SEK 400 million GET Group is launching an active M&A strategy of geo-energy companies in the Nordics, intending to re-list the Company in 2023
Background and geothermal assets worth SEK 400 million on the balance sheet
The strategy of GET Group is to take advantage of its audited solid balance sheet with geothermal assets worth SEK 400 million as of December 2021. The Company wants to use its balance sheet to acquire multiple small- to medium-sized companies and consolidate the fragmented geothermal industry.
The geo-energy industry
The geo-energy part of the geothermal industry is a multi-billion SEK industry in the Nordics, mature but fragmented and ready for consolidation. GET Group seeks to acquire a portfolio of small- to medium-sized geo-energy companies in the Nordics to achieve economies-of-scale. The Company aims to re-list the group of companies to be acquired on the Swedish Stock Exchange in 2023.
Win-win strategy
The consolidation in the geo-energy sector will enable the Company to achieve economies-of-scale that each portfolio company cannot achieve on a stand-alone basis. Current owners of small- to medium-sized geo-energy companies are expected to achieve a substantially higher valuation as shareholders of a re-listed group than if their companies were sold individually in the private market. Therefore, GET Group believes this is a win-win strategy for both owners of privately owned geo-energy companies and current GET Group shareholders, where GET Group will acquire already profitable companies that, through economies-of-scale, will become even more profitable in a larger streamlined group structure.
Number of shares, share capital and dilution
GET Group is in advanced stages of engaging a Nordic investment firm to actively identify and acquire an attractive portfolio of geo-energy companies in the Nordics. GET Group will acquire that portfolio with cash or by issuing new shares and subsequently list the shares in issue on the Swedish Stock Exchange. As part of the new strategy, GET Group plans to raise a small cash amount in a rights issue to its existing shareholders in Q3-2022.
Rebranding the geo-energy activities in GET Group to GET Energy
As part of the change in strategy to acquire geo-energy companies, GET Group has decided to consolidate its geothermal activities under the GET brand. As a direct consequence, Rock Energy will cease to exist as a geothermal brand in the group. Future geothermal activities will therefore fall under the GET Energy brand of the group.
Newsflow
The Company is expecting an active newsflow during the second half of 2022 and will keep on updating its investors via Cision and its website getgroup.se.
The information was submitted for publication, through the agency of the contact person set out below, at 08.30 CET on 1 July 2022.