NORBIT is in exclusive negotiations regarding an add-on acquisition of an undisclosed international maritime technology company. The acquisition will broaden the product offering in the oceans segment. NORBIT has signed a term sheet to this effect.

“With the target company having developed a proprietary sonar technology, complementary to NORBIT’s current portfolio, this acquisition supports our strategy to broaden product offering in the oceans domain by capitalizing on our global sales and distribution platform,” says Per Jørgen Weisethaunet, CEO of NORBIT.

A preliminary transaction price has been agreed upon, valuing the target company on a cash and debt-free basis of USD 3.6 million.

If completed, the acquisition is expected to be financed 65 percent by cash through NORBIT’s available credit lines and 35 percent private placement to the sellers of the target company (consideration shares).

The completion of the transaction is subject to due diligence and the parties entering into a binding agreement for the acquisition.

For further queries, please visit the NORBIT official website.