Gränges AB (publ) (OM:GRNG) entered into a preliminary conditional agreement to acquire Impexmetal S.A. from Boryszew S.A. (WSE:BRS) for approximately PLN 940 million on November 27, 2019. Gränges AB (publ) (OM:GRNG) entered into an agreement to acquire Impexmetal S.A. from Boryszew S.A. on November 28, 2019. The consideration is on a cash and debt free basis. The purchase price is subject to standard adjustments to the Enterprise Value, based on, among others: net debt, net working capital, pre-paid capex and other adjustments resulting from the terms and conditions of the Transaction. As of October 7, 2020, a part of the purchase price amounting to PLN 90 million will be paid in the form of shares of Gränges AB. The transaction is financed by bridge loan facility with a time to maturity of 18 months from Danske Bank, Nordea Bank and Svenska Handelsbanken. In conjunction with the transaction, Gränges intends to undertake a new share issue of with preferential rights for existing shareholders of SEK 2 billion (PLN 820.92 million), the proceeds of which will be used to fund the transaction.

The transaction is subject to regulatory approval by the relevant competition authorities. The agreement is also subject to conditions, including that the other assets i.e. the assets of which consists of Aluminium Konin and certain other assets are separated from Impexmetal by way of a demerger, following which the assets of Impexmetal will consist solely of the operations of Aluminium Konin. As of August 20, 2020, the transaction has been notified to the EU Commission with the provisional deadline set on September 23, 2020. As on September 23, 2020, transaction is approved by the EU Commission. The transaction has now received approval from all relevant competition authorities. The closing is expected in the second quarter of 2020. As on September 23, 2020, transaction is expected to complete in fourth quarter of 2020. As of October 7, 2020, the transaction is expected to close on October 30, 2020. The transaction is expected to be EPS accretive within twelve months from its completion. Szymon Okon, Katarzyna Solarz, Tomasz Wickel and Jakub Jedrzejewski of SSW acted as legal advisor to Boryszew. Kristian Ford, Pär Remnelid, Johan Wahlbom, Jesper Schönbeck, Rikard Lindahl and Louise Brorsson Salomon of Vinge acted as legal advisors for Gränges. Wardynski & Partners acted as the legal advisor to Gränges.

Gränges AB (publ) (OM:GRNG) completed the acquisition of Impexmetal S.A. from Boryszew S.A. (WSE:BRS) on November 6, 2020. As of November 18, 2020, the Board of Directors of Gränges resolved on a fully guaranteed rights issue of approximately SEK 1.7 billion (PLN 698.19 million) with preferential rights for existing shareholders. The rights issue was made in order to finance the transaction. Danske Bank, Handelsbanken and Nordea acted as the Joint Global Coordinators and Joint Bookrunners for the rights issue financing.