Digitalist Group Plc has signed a letter of intent to acquire 70% stake in Open Communications International Ab from David Gray Communications Ab for a total consideration of SEK 5.5 million.

Digitalist Group Plc has signed a letter of intent to acquire 70% stake in Open Communications International Ab from David Gray Communications Ab for SEK 5.5 million on May 10, 2023. The consideration is approximately half paid in cash and, the other half by a issuing a maximum of 12 million new Digitalist Group shares to be directed to DGC, following a share purchase agreement to be agreed upon between the parties. Open Communications International Ab turnover in 2022 was around SEK 14 million and with an EBITDA of around SEK 1.4 million.

The Transaction is subject to customary due diligence processes and the acceptance of final terms and conditions. The objective is to sign the final agreement for the Transaction by the end of June 2023.