EQTEC Iberia S.L. entered into non-binding heads of terms to acquire EQTEC plc (AIM:EQT) from EBIOSS Energy, SE (BME:EBI), GG Eco Solutions Limited and others in a reverse merger transaction on July 17, 2017. Pursuant to the deal, EQTEC will acquire the entire issued share capital of EQTEC Iberia SRL through the issue of new ordinary Shares to the sellers. The number of considerations shares to be issued is expected to be a minimum of 556 million new ordinary shares. EQTEC Iberia S.L. entered into an agreement to acquire EQTEC plc (AIM:EQT) from EBIOSS Energy, SE (BME:EBI), GG Eco Solutions Limited and others in a reverse merger transaction on November 24, 2017. The consideration will be satisfied by the issue of approximately 830 million ordinary shares of EQTEC plc on Admission. Following the completion of acquisition, EBIOSS will hold shares representing 50.25% of the enlarged share capital and Inava will hold shares representing 18.58% of the enlarged share capital.

The EQTEC plc board on completion is expected to include representatives from EQTEC plc, EBIOSS and EQTEC Iberia, together with additional independent Non-Executive Directors. Following the transaction, the new Board of EQTEC will consist of Ian Phares Pearson as Non-Executive Chairman, Neil Christoper O'Brien and Jose Oscar Leiva Mendez as Non-Executive Director, Luis Sanchez Angrill as Chief Executive Officer, Yoel S. Alemán Méndez as Chief Technology Officer, Javier Antón Gallego as Chief Operations Officer and Michael Gerard Madden as Finance Director. Dermot O'Connell will retire as Director and Non-Executive Chairman and Brendan Halpin will retire as Director and Company Secretary of EQTEC.

The deal is subject to completion of due diligence, entry into definitive documentation, the approval of the EQTEC plc's shareholders and EQTEC plc raising sufficient funds to provide working capital for the enlarged group as well as to fund the enlarged group's pipeline of projects. The Board of EQTEC plc unanimously recommends that the shareholders vote in favor of the acquisition at the General Meeting. The Extraordinary General Meeting of shareholders of EQTEC approved the transaction on December 20, 2017. The transaction is expected to complete on December 21, 2017. As on December 19, 2017, the parties will not be in a position to ratify and complete the transfer of the shares in Eqtec Iberia SL on December 21, 2017. The acquisition is expected to take place by December 29, 2017.

James Harris, Richard Tulloch and Ritchie Balmer of Strand Hanson Limited and Dugald J. Carlean and Tom Price of Northland Capital Partners Limited acted as the financial advisors, Andrew Monk and Andrew Raca of VSA Capital Limited acted as financial advisors and brokers, Tom Curran and Ben Tadd of SVS Securities Plc acted as the brokers, Harry Chathli, Ana Ribeiro and Alexis Gore of Luther Pendragon acted as the public relation advisors, Cuatrecasas, Gonçalves Pereira, S.L.P., Field Fisher Waterhouse LLP and McEvoy Corporate Law acted as legal advisors, Grant Thornton acted as accountants, Link Registrars Limited acted as registrar to EQTEC plc. Marriott Harrison LLP acted as legal advisor to nominated advisor and brokers. Paul Blythe, Alex Nursey and George Lawford from Crowe Clark Whitehill LLP acted as the accountant for EQTEC plc (AIM:EQT).

EQTEC Iberia S.L. completed the acquisition of EQTEC plc (AIM:EQT) from EBIOSS Energy, SE (BME:EBI), GG Eco Solutions Limited and others in a reverse merger transaction on December 28, 2017.