Pioneer Property Group ASA (PPG) has entered into agreement to acquire 100% of the shares in Pioneer Management AS (Pioneer Management) from Pioneer Capital Partners AS (PCP). Pioneer Management has a management agreement with PPG and has provided management services, including staffing the executive management positions including CEO and CFO.
The underlying objective of the transaction is to insource the management services provided for under the management agreement as the Company has reached a size that makes it natural to secure direct control of business-critical management services and systems.
As part of the agreement both CEO Runar Rønningen and CFO Martin P. Hoff have entered into agreement to facilitate a transfer to new inhouse management, with the ambition of a formal transition no later than 28 February 2019, depending on the recruitment process of the new team.