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HitecVision increases holding in Grenland Group

HitecVision has today signed an agreement to acquire all the shares in HVS Invest held by Skogen Invest AS. HVS Invest has a 75.5% shareholding in Grenland Group (Oslo Stock Exchange: GGG), and HitecVision will, following the closing of this transaction, be the sole shareholder in HVS Invest.

HitecVision has today signed an agreement to acquire all the shares in HVS Invest held by Skogen Invest AS.  HVS Invest has a 75.5% shareholding in Grenland Group (Oslo Stock Exchange: GGG), and HitecVision will, following the closing of this transaction, be the sole shareholder in HVS Invest.  Following the closing of the transaction, a compulsory offer for the remaining shares in Grenland Group will be made. The transaction is subject to approval from relevant competition authorities.

At the same time, Grenland Group announces that Hallgeir Skogen, CEO and founder of the company, has resigned.  Pål M. Reed of HitecVision states that HitecVision looks forward to continue working with Grenland Group. “This has not been a desired situation from our side, but we are pleased to have concluded an amicable agreement with Skogen Investering AS and Hallgeir Skogen, an agreement which is also to the best of the company.  We look forward to concluding what has been a difficult period for Grenland Group, so that the company can concentrate on developing what we believe is a solid and exciting business.  We also want to thank Hallgeir Skogen for his invaluable contribution over many years, as entrepreneur and CEO of the Grenland Group.

“This is a good solution for all shareholders,” comments Hallgeir Skogen.  “It lets Grenland Group and its 1100 employees focus on continued growth.  Building this company has been a fantastic journey - I’m leaving much of my soul here, and I wish all employees the best for the future”.