case | 31 Jan 2018

Setterwalls assisted ÅAC Microtec AB in the acquisition of 100 per cent of the shares in Clyde Space Limited and the share issues made in connection with the acquisition

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The Swedish space tech company ÅAC Microtec AB (“ÅAC” or the “Company”) has entered into a share sale and purchase agreement to acquire 100% of the shares in UK based Clyde Space Ltd (“Clyde”) (the “Transaction”), a leading player in the global, high-growth CubeSat market.

The acquisition was paid for with partly 30,466,326 newly issued shares in ÅAC (through a share issue against contribution in-kind) and partly GBP 2 million in cash, equivalent to approximately SEK 294 million. After completion of the acquisition, Clyde Space owners will hold 49 per cent of ÅAC (not including the shares created by the directed share issue made by the Company in connection with the acquisition). ÅAC has, partly as a result of the Transaction, also resolved to increase its share capital through a share issue corresponding to SEK 50 million which was targeted to institutional and professional investors. ÅAC is a publicly listed company on Nasdaq First North in Sweden. Major owners include Swedish VC-firm Fouriertransform, RP Ventures, and Uppsala Universitets Holdingbolag. ÅAC provides space solutions and systems for commercial, and institutional customers on the global market. The Company produces advanced satellite platforms, sub-systems and components and operates with ITAR-free products in the high-end segment of the small satellite market. Through the acquisition, ÅAC multiplies its business volume and becomes a global leader in the market for high-reliability CubeSats and small satellites. The two companies combined will have a strong presence in Europe, the US and Asia, and will be able to offer a greater number of commercial and institutional customers a more complete range of high-reliability technology, products and platforms. Setterwalls Advokatbyrå has acted as ÅAC’s legal advisor in relation to the Transaction and the share issues and Latham & Watkins has acted as ÅAC’s legal advisor in relation to UK law matters in the Transaction.

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