Adapteo Plc Press release 29 January 2021 at 1:30 p.m. CET

Adapteo has completed the acquisition of Stord Innkvartering AS (Stord). Stord provides adaptable buildings within the infrastructure industry and public sector across Norway, including accommodation units, offices and canteens.

Stord's building portfolio consists of approximately 4,000 units with approximately 110,000 square meters, and the company has an estimated market share of 10-15 per cent of the adaptable building market in Norway. For the financial year 2019, Stord had revenue of NOK 189 million, EBITDA of NOK 114 million (excluding lease costs), and EBIT of NOK 37 million on a pro forma basis and prepared in accordance with Norwegian generally accepted accounting principles.

A purchase price of NOK 677 million (approximately EUR 64 million) is payable in cash upon the completion of the acquisition, and potential additional considerations may become payable in the future depending on Stord's future financial performance.