Aqualis ASA: Aqualis ASA completes Adler Solar transaction

30 October 2015 – Aqualis ASA (Aqualis) has completed the acquisition of a 49.9% ownership stake in Adler Solar, a technical and engineering service provider for the global solar industry.  

On 2 September 2015, Aqualis announced that it planned to acquire a 49.9% stake in Adler Solar. Further details of the transaction were provided in an extended stock exchange announcement on 4 September 2015.

Aqualis also has an option to acquire a further 10.1 percent of the company by April 2019, at the same price level as the initial investment. The potential purchase of the 10.1 percent will be settled in cash.

If Aqualis decides to use the option to buy 10.1%, the owner of the remaining 40% of the shares in Adler Solar Service has a two-year put option to sell the remaining 40% of the shares for a price 50% above the price paid in in the transaction (and in the call option for 10.1%). The two-year put option period starts if or when Aqualis exercises the call option. If the put option is exercised, the settlement for the last 40% of the shares will be partly in cash and partly in Aqualis shares at market price at the time of the exercise of the put option.