Cirio advises Tagmaster on its acquisition of Sensys Networks and in its rights issue and directed issue
Cirio acts as legal adviser to TagMaster AB (publ) (“TagMaster”) in its acquisition of Sensys Networks Inc. (“Sensys Networks”) in the US. Cirio also acts as legal adviser in connection with TagMaster’s equity financing of the acquisition.
On 3 May 2019 TagMaster announced that the company had entered into an agreement to acquire Sensys Networks. The purchase price is USD 16 million on a debt free, cash free basis, with an adjustment of net working capital as of the closing date against a normalised net working capital. The acquisition is conditioned upon financing and customary closing conditions and is expected to close during the second quarter of 2019. On the same day the Board of Directors of TagMaster resolved, under the authorisation from the annual general meeting in TagMaster, to increase the company’s share capital by an equity issue with preferential rights for existing shareholders. On full subscription of the rights issue, TagMaster will raise approximately SEK 98 million before issue costs. Furthermore, the Board of Directors resolved on a directed equity issue to new qualified shareholders with deviation from existing shareholders preferential rights amounting to approximately SEK 41 million. The rights issue is guaranteed up to approximately 90 percent, through subscription commitments and guarantee commitments. The motive for the equity issues are primarily to finance the acquisition of Sensys Networks.
TagMaster, established in 1994, is a public company listed on Nasdaq First North and a leading supplier of advanced sensor systems for Smart Cities. For more information regarding TagMaster and Sensys Networks, please visit the companies’ websites, www.tagmaster.com and www.sensysnetworks.com
Cirio advises TagMaster with a team headed by Annika Andersson (Capital Markets and Public M&A) and Anders Moberg (Mergers & Acquisitions) together with Erik Sundgren, Sofia Johansson, Josephine Gejard, Emelie Ulff Roth (Mergers & Acquisitions), Oscar Lunde, Mimi Hörnmo and Jesper M Johansson (Capital Markets and Public M&A), Dennis Luttropp Hansson (Banking & Finance), Sanna Wolk, David Leffler, Jesper Sala and Yousef Chakir (IP/ICT) and Hanna Lekås (Competition).
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