TSS Europe B.V. signed letter of intent to acquire Simple S.A. from CRON Sp. z o.o., Boguslaw Mitura and members of the management board for PLN 62.6 million.

TSS Europe B.V. signed letter of intent to acquire Simple S.A. (WSE:SME) from CRON Sp. z o.o., Boguslaw Mitura and members of the management board for PLN 62.6 million on December 10, 2020. The purchase price is on a debt free cash free basis.

Under the terms, TSS will pay PLN 13.01 for each shares. The proposed transaction is subject to due diligence, exclusivity period, regulatory approval, the possibility of concluding a mutually acceptable investment agreement by the investor with the company, majority shareholders and managing shareholders, obtaining approval for the transaction from the competent authorities (if applicable) and achieving a certain number of shares by TSS under the announced tender offer. Five sellers including CRON and Boguslaw mitura signed the letter of Intent to transfer 56.44% stake for PLN 35.3 million.

TSS Europe will take steps to delist the Simple shares. As of January 13, 2021, the tender offer has been extended to February 25, 2021. Magdalena Nasilowska of Baker Mckenzie acted as legal advisor to Total Specific Solutions.