3.7.2024 07:22:26 CEST | Nekkar ASA | Inside information

3nd July 2024 - Nekkar ASA has entered into an agreement to acquire the majority
of the fast-growing and profitable maritime connectivity and digital service
provider Globetech AS.

HIGHLIGHTS

? Acquires company with 10+ years track record of profitable growth

? 20% EBITDA margin with 50% share of repeat revenues

? Good fit for Nekkar's strategy of digitizing ocean-based industries

? Commercial synergies between Globetech and other Nekkar subsidiaries

? Diversifies Nekkar's portfolio and revenue streams

 "Globetech fits perfectly within Nekkar. Both companies operate in the maritime
and offshore industries, both use digitalization and software as key enablers to
achieve a higher proportion of recurring revenue, both deliver solid EBITDA
margins, and there are strong synergies between Nekkar's portfolio companies and
Globetech. In sum, Globetech will constitute a new solid platform for us, and we
are delighted to welcome them into the Nekkar family," says Ole Falk Hansen, CEO
of Nekkar ASA.

ABOUT GLOBETECH

Globetech provides ICT (information and communication technology)
infrastructure, connectivity and support services to the global maritime sector.
The company offers complete solutions for onboard network infrastructure
including hardware, tailored solution architecture and system integration for
satellite communications, and develops software and customized ICT solutions
that focuses on cybersecurity to ensure secure and continuous operations.

The company was founded in 2011 and is headquartered in Kristiansand, Norway,
where Nekkar ASA and several of its portfolio companies are located. Globetech
currently employs 28 IT and digitalization specialists. The company's founders
and key management will remain with the company and are incentivized to further
improve its growth and profitability.

Globetech's customers include ship owners and ship management companies within
the shipping and offshore industries. More than 150 vessels are currently being
served by Globetech, including tankers, offshore supply vessels, anchor-handling
tug supply vessels and others. 

"We believe Nekkar is the ideal partner to support the continued growth of
Globetech," says Hans Eirik Onarheim, managing director and co-founder of
Globetech. "We are confident that this partnership will provide us with the
resources and support needed to further develop our offerings and achieve our
long-term goals."

HISTORY OF VALUE CREATION

Globetech has a track record of profitable growth, reflecting its business model
where approximately half of the company's revenue are repeat business, including
a high proportion of recurring license fees from its customer fleet of
approximately 150 vessels.

Globetech benefits from a diversified business model where it provides hardware
sales as well as installation and consulting services for new installations
onboard vessels. Once operational, customers pay license fees for software
subscriptions and fees for monthly support services.

In 2023, Globetech delivered revenue of NOK 54 million and EBITDA of NOK 11
million, equivalent to an EBITDA margin of approximately 20 percent. The company
has on average grown 28 percent annually in the past two years, and it expects
to surpass 75 MNOK in revenues for 2024, whilst delivering the same healthy
EBITDA margin levels.

"Digitalization and connectivity for ships, deck equipment and sensors are
driving demand for Globetech's services. With more ships connected, there is a
greater need for cyber security to prevent ships being targeted and threats
infiltrating onboard networks. This is exactly what Globetech helps to prevent,"
adds Ole Falk Hansen.

Globetech will become a new stand-alone platform company within Nekkar.
Globetech as a platform will complement the Nekkar portfolio with a high
proportion of repeat business and recurring revenues.

TRANSACTION DETAILS

Nekkar ASA has entered into a two-stage transaction with the founders of
Globetech which by 2027 secures 100 percent ownership of Globetech.

In the first stage, Nekkar acquires 67 percent ownership of Globetech.
Globetech's enterprise value is at signing estimated to NOK 120 million on a 100
percent basis, based on last twelve months EBTIDA and an implied multiple of
7.7x EBITDA. The share purchase for the 67 percent ownership share will be
settled NOK 64 million in cash and NOK 15 million in Nekkar ASA shares at
closing of the transaction. Nekkar will utilize the company's treasury shares to
settle the share-based consideration, which is valued at the VWAP last five days
prior to signing and subject to a two-year lock-up period. The cash-based
consideration will be covered by Nekkar's cash balance, which stood at NOK 197
million at 31 March 2024.

In 2027, Nekkar will acquire the remaining 33 percent of outstanding shares in
Globetech. The consideration will be settled in cash based on a multiple of
achieved EBITDA in 2027.

The transaction is expected to be completed during the third quarter of 2024.

Please find enclosed a slide deck that introduces Globetech and summarizes the
key points of the acquisition.

(ENDS)

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act.

CONTACTS

 * Ole Falk Hansen, CEO, +47 988 14 184, ir@nekkar.com 

ABOUT NEKKAR ASA

Nekkar (OSE: NKR) is an industrial technology group offering impact technologies
combined with high-end software solutions. The group combines 50 years' heritage
from the world's number one shiplift company, Syncrolift, with new investments
into sustainable, digitalised technology businesses that aim to unlock growth
within ocean-based industries such as offshore energy, renewables and
aquaculture.

ATTACHMENTS

Globetech stock exchange announcement.pdf -
https://kommunikasjon.ntb.no/ir-files/17847326/18170350/4738/Globetech%20stock%2
0exchange%20announcement.pdf