Norway-based digital signage company ZetaDisplay AB has agreed to acquire ProntoTV AS for a total consideration of NOK 100m (EUR 10.72m).
ZetaDisplayAB, the listed Sweden-based company headquartered in Malmo, is a digital signage company. ProntoTV AS, the Norway-based company headquartered in Oslo, is a digital signage company.
Terms: The purchase price comprises of NOK 75m (EUR 8.03m) on a debt free cash free basis and an earn-out of NOK 25m (EUR 2.68m) which will be paid out at the beginning of 2018. ZetaDisplay is entitled to satisfy SEK 8m (EUR 0.84m) of the purchase price through ordinary shares in ZetaDisplay at a price of SEK 8 (EUR 0.84) per share.
Rationale: The acquisition is in line with ZetaDisplay’s strategy to become a leading supplier of Digital Signange in the European market. The merged operations will have a strong customer base. The acquisition also broadens ZetaDisplay’s product range by adding digital communications in public spaces and the transportation sector to its portfolio.
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