Reference is made to the stock exchange announcement published on 9 October 2019 by Pioneer Property Group ASA ("PPG") regarding the agreement entered into by PPG regarding the sale of Pioneer Public Properties AS ("PPP") and Pioneer Management AS to Odin Bidco AS, and the stock exchange announcement published on 24 October 2019 by PPG regarding the successful completion of said sale.
In the sale and purchase agreement, the parties agreed that PPG shall be entitled to an earn-out consideration of up to NOK 100 million. The earn-out was conditional upon the future development of the PPP group.
Based on the development of the PPP group, payment of the full earn-out consideration of NOK 100 million has been triggered and will be paid by the buyer.
For further information, please contact:
Ole-Kristofer Bragnes, CFO
Telephone: +47 917 03 415
E-mail: IR@pioneerproperty.no