- We welcome KTS to the W5 family and look forward to more opportunities in the Norwegian market, says Siebren de Boer, Director of Corporate Development and M&A at W5 Solutions.
KTS develops, manufactures, and sells electronic target systems worldwide. The purchase price of initially approximately 45.2 MSEK for 100 percent of the shares in KTS will be paid partly through a cash payment of 20 MNOK (20.2 MSEK), and partly in the form of 357,984 newly issued consideration shares in W5 Solutions corresponding to approximately 25.0 MSEK. Furthermore, two additional cash purchase considerations may be paid based on the share price development for W5 Solutions shares up to 16 and 24 MSEK, respectively.
KTS will continue to operate under the brand name Kongsberg Target Systems, continue to be run as an independent company with the current management, and deliver to existing customers. In 2022, KTS had a turnover of 43.4 MNOK with an EBIT margin of 1.2 MNOK.
- I am pleased that we have reached an agreement and it is with great joy that we welcome KTS employees to the W5 Solutions group. This acquisition represents a significant strategic step in our acquisition strategy and secures our position in the Nordic market. Through the acquisition, we strengthen our international expansion and gain access to several important geographical markets, including the USA, which is important for W5 Solutions' continued growth and export strategy, says Daniel Hopstadius, CEO of W5 Solutions.
- I am convinced that this acquisition will bring many synergies and opportunities and also strengthen our operations going forward. We have had a close collaboration with W5 Solutions for many years and have a well-established relationship, therefore I feel confident in continuing our development within the W5 Solutions group, says Toralf Johannessen, CEO of Kongsberg Target Systems.