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Mo-Bruk SAMo-Bruk recycling inks conditional preliminary agreement to take over Eco Point PSA
Listed industrial recycling firm Mo-Bruk has entered into a conditional preliminary agreement to acquire 100 percent of the shares in Eco Point PSA for PLN 46 million (EUR 10.9 mln) less net debt, Mo-Bruk said in a market filing.
The agreement reserves to the sellers the possibility to obtain a higher price for the sold shares in the form of an earn-out of PLN 5 million + PLN 5 million (EUR 1.2 mln).
Both earn-out payments will be adjusted for the results achieved by Eco Point PSA and will depend on the achievement of the business targets agreed by the parties. The amount of the earn-out will be determined based on the EBITDA level of subsequent periods.
As stated, the conclusion of the conditional sale agreement will take place upon the fulfilment of certain conditions, including, among others, the merger through the acquisition by Eco Point PSA of Eco Point Sp. z o.o. The completion of the transaction will be conditional on the State Treasury not exercising its pre-emptive right.
Eco Point PSA is a company managing collection and processing of hazardous and non-hazardous waste from the port services, shipbuilding and industrial markets.
The release states that as a result of the acquisition, Mo-Bruk will expand its core business of treating hazardous industrial and non-hazardous waste to include another group of oily waste. The transaction will increase the group's presence in northern Poland and expand its competences in closed loop and total waste management services.
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