OXE Marine AB (publ) completes the acquisition of Diesel Outboards and Outdoor Network Manufacturing
STOCKHOLM, Feb. 16, 2022 /PRNewswire/ -- On 22 December 2021, OXE Marine AB (publ) (NASDAQ STO: OXE) ("OXE" or the "Company") agreed to acquire 100% of Diesel Outboard's and Outdoor Network Manufacturing's US distribution and manufacturing business (the "Transaction"). All closing conditions are now satisfied, and the Transaction has been completed today. The purchase price of USD 10.8 million was financed through an issue of new shares to the selling entity Powersports Plus LLC ("PSP", a company within the Outdoor Network Group), which was resolved by the extraordinary general meeting (the "EGM") held today, making PSP the largest shareholder in OXE. As part of completing the Transaction, the EGM elected Martin Polo, CEO of PSP, as new board member in OXE.