Midas Industri AS, a newly established Norwegian company controlled by HitecVision AS, has entered into a preliminary agreement to acquire the outstanding shares of biocarbon producer Vow Green Metals AS. This is reported in the Midas press release.
The transaction price is 0.95 Norwegian crowns per share (73% higher than the closing price on May 13, 2025). Key shareholders of Vow Green, including VOW ASA and members of the Board of directors, who own 48.67% of the company's shares, pledged to support the deal. An additional 18.53% of the shares will be transferred to Midas Industri as part of a separate extension agreement. In total, the deal includes 67.19% of shares.
The agreement followed several months of financial uncertainty for Vow Green Metals, which announced a critical cash shortage in April. Initially, the company entered into a financing agreement with the Obligo Nordic Climate Impact Fund, but then terminated the agreement in favor of HitecVision.
The official tender offer will be submitted on May 19, 2025, subject to regulatory approval. If the 90% approval threshold is not met, the Board of Directors may consider alternative options.
Vow Green Metals is a company producing biocarbon and other renewable sources for the petrochemical and metallurgical industries in order to reduce emissions. The headquarters is located in Oslo (Norway).
HitecVision is a Norwegian energy investment company. The company provides strategic investments for companies in the fields of oil and gas production, renewable energy sources and energy infrastructure. The headquarters is located in Stavanger (Norway).
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