Bergen, Norway, 5 March 2014 - Vizrt Ltd. announced today that further to its announcement on November 13, 2013, the company has completed its financial and legal due diligence and has reached a definitive share purchase agreement with the shareholders of Mosart Medialab AS ("Mosart"). The agreement with shareholders - TV2 Gruppen AS, Mads Grønbæk John Kjellevold and Morten Larsen (holding 77.2%, 17.0%, 5.5% and 0.3% of the shares in Mosart, respectively) - is for the acquisition of all the issued and outstanding share capital of Mosart, the leading provider of newscast automation solutions.
As a result of the agreement, Vizrt shall purchase all of the issued and outstanding share capital of Mosart, on a fully diluted basis, for a cash consideration of NOK 106.2 million (approximately USD 17.7 million) - on a cash and interest bearing debt free basis. Such consideration includes an additional NOK 1.2 million (USD 0.2 million) for the 2013 earn-out.
In addition, an earn-out clause has been included, the terms of which are as follows:
- Vizrt shall pay 50% of the revenues achieved by Mosart for financial year 2014 in excess of NOK 55.3 million (approximately USD 9.2 million)
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Vizrt shall pay 50% of the reven
