PASSER Group AS signed term sheet to acquire Oceanteam ASA (OB:OTS) from Corinvest B.V.,Stichting Value Partners Family Office and others in a reverse merger transaction for approximately NOK 230 million.

PASSER Group AS signed term sheet to acquire Oceanteam ASA (OB:OTS) from Corinvest B.V.,Stichting Value Partners Family Office and others in a reverse merger transaction for approximately NOK 230 million on March 26, 2021. As per the term sheet, Oceanteam ASA will issue 71.43 million shares as consideration. The transaction is subject to approvals from Oslo Stock Exchange, shareholders of Oceanteam ASA, approval by the Norwegian Financial Supervisory Authority, and publication, of the prospectus, if required, expiration of the creditor notification period for the share capital decrease without any objections from creditors outstanding, all regulatory approvals required for the completion of the transaction being obtained. The intention of the Parties is to reach a final agreement for the Transaction during the second quarter of 2021 and complete the transaction no later than during the third quarter of 2021.ABG Sundal Collier Holding ASA (OB:ABG) and Thommessen Krefting Greve Lund AS acted as financial and legal advisors to Oceanteam ASA respectively.