Stockholm IT Ventures AB (publ) (XTRA:SVAB) acquired 94.5% stake in SAS Bank for €11.1 million on October 24, 2018. As per the terms, the consideration is paid by issuance of 126 million shares of Stockholm IT Ventures, €4.5 million through transfer of Netoil Inc. issued bonds which Stockholm IT Ventures holds and €4.5 million through issuance of a promissory note, or converted into shares in Stockholm IT Ventures AB at the seller’s discretion. In a related transaction, Stockholm IT Ventures shall make a cash injection in SAS Bank to further increase its ownership in SAS Bank. Stockholm IT Ventures AB (publ) (XTRA:SVAB) completed the acquisition of 94.5% stake in SAS Bank on October 24, 2018.