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ABG Sundal Collier acted as advisor to Fem T AS in connection with the sale of Ulna Barnehager to Atvexa AB (publ.)

ABG Sundal Collier acted as advisor to Fem T AS in connection with the sale of Ulna Barnehager to Atvexa AB (publ.)

On 21 December 2018, Fem T AS entered into an agreement to sell 100% of the shares in Ulna AS, Ulna AB,
Ulna Nord gGmbH and Ulna Hamburg GmbH (“ULNA”), companies that own all of ULNA’s kindergarten
operations in Norway, Sweden and Germany, to Atvexa AB (publ.) (“Atvexa”), a public company listed on
Nasdaq First North. Fem T AS, being the 100% owner of Ulna AS and Ulna AB, is owned 50% each by Trond
Ingvaldsen and Geir Hartmann. The German operations are owned one third each by the two owners of Fem
T AS, as well as Bjørnar Ingvaldsen, a co-founder of ULNA. The enterprise value in the transaction is NOK
220.2 million, and the share purchase price is NOK 225.9 million. An additional amount, expected to be around
NOK 34.9 million, may accrue to Fem T depending on the revenues from two kindergarten projects and the
development of the German operations. As part of the consideration, Fem T will subscribe for shares in Atvexa
for a total amount of SEK 25 million, and the rest of the purchase price will be settled in cash.

About Ulna Barnehager
The founders of Ulna started with a few kindergartens in Oslo in 2001, and after consolidating all their
kindergarten operations under the ULNA concept in 2008, ULNA is today the 7th largest kindergarten
operator in the Nordics. The Company owns 20 kindergartens in Norway, 13 kindergartens in Sweden, as
well as 4 four kindergartens in Germany (Hamburg), and was the first Norwegian kindergarten operator to
enter both the Swedish and the German market. The rolling 12 month adjusted EBITDA of ULNA in the
period 1 October 2017 – 30 September 2018 amounted to NOK 20.1 million. For 2018, the adjusted EBITDA
for ULNA amounts to approximately NOK 24 million.