Hiddn Solutions ASA (Hiddn), an Oslo Stock Exchange listed company operating within the data protection business, has entered into a Letter of Intent (LOI) for a potential business combination with Energos Group AS (Energos), a privately-owned technology based, industrial group, to add new business lines providing technology and solutions to the global renewable energy production industry.
Hiddn and Energos has on 24 March 2019 entered into a LOI with the ambition to consolidate the two entities. Following the potential transaction, the Energos shareholders are expected to hold 70% of Hiddn on a fully diluted basis. Energos reports non-audited revenues in 2018 of approximately NOK 165 million and an EBIT of NOK 20 million for continued businesses.
"By combining Hiddn and Energos, the company will have significant opportunities to continue profitable growth and expansion within renewable energy production, while at the same time leveraging on our position as a leading technology provider in the global encryption market. With additional available resources, we will be able to further increase our product offering and distribution capabilities", says CEO of Hiddn Carl Espen Wollebekk.
Prior to this event, in December 2018 Hiddn entered into a letter of intent with Tactilis Pte Limited with the ambition to join forces and create a fast-growing industry leader within biometric authentication, encryption and smartcards. This process triggered other companies to explore Hiddn and on 18 March it was announced that Hiddn had started discussions with another party. The process with Tactilis Pte Limited continues as informed in the company’s stock exchange notice on 18 March 2019 .
Aabø-Evensen & Co acts as legal advisor to Hiddn Solutions ASA in connection with both M&A processes.