Xvivo Perfusion AB (publ) (OM:XVIVO) signed an agreement to acquire Machine and perfusion business from Avionord Srl for Ç12 million on August 1, 2022. Under the terms, XVIVO will pay an initial consideration of Ç9.6 million, whereof approximately 40% will be paid in cash and 60% by issuance of new shares in XVIVO, with an additional potential earn-out payment of maximum Ç2.4 million to be paid out in 2023, subject to a predetermined EBITDA target for 2022, and will be divided between 40% cash and 60% newly issued shares in XVIVO where the number of shares will be based on the volume weighted average price of the XVIVO share on the date of settling such an additional earn-out payment. The new legal entity will be XVIVO S.r.l. In 2021, Avionord's business had net sales of approximately Ç2.9 million with an EBITDA of approximately Ç0.9 million in 2021. The new entity will initially include six employees including management. The deal is conditional upon Foreign Direct Investment approval, union/labor approval and that customer contracts representing at least 50% of revenue in 2021 are successfully transferred from Avionord S.r.l. to Avionord M&P which requires customer consent. The deal is expected to close during November 2022. As of October 27, 2022, the deal is expected to close in the the forth quarter of 2022. Bryan, Garnier & Co Limited acted as financial advisor and Advokatfirman Vinge KB acted as legal advisor to XVIVO.
Xvivo Perfusion AB (publ) (OM:XVIVO) completed the acquisition of Machine and perfusion business of Avionord Srl from Avionord S.r.l. on November 30, 2022.