The technology company’s shareholders will take control of 98% of the Nordic listed company’s capital
The technology company Subgen AI, 20% owned by Valencia-based Substrate AI, has signed an agreement to be fully acquired by the Swedish firm Magnasense, according to a significant announcement by the Spanish firm on the BME Growth market.
The transaction involves a share swap and values ??Subgen AI at €200 million, well above the €4.1 million at which Magnasense is currently valued.
With this transaction, Subgen AI will become a 100% subsidiary of Magnasense, and the technology company’s current shareholders will take control of 98% of the Swedish company’s capital, while Magnasense’s original shareholders will retain only 2%.
Following the merger, it is understood that Substrate AI would hold approximately 18% of the new Magnasense’s capital, once the restructuring is completed. The transaction, which has allowed the Spanish technology company to list on the Swedish stock exchange, still requires approval at an extraordinary general meeting of Magnasense, in addition to approval from the Nasdaq First North Growth Market for the company to continue trading after the structural changes.
The agenda for that meeting includes, in addition to validating the merger, the issuance of promissory notes, the appointment of new members to the board of directors, and the amendment of the bylaws.
This move is part of the growth strategy of Substrate AI, listed on BME Growth and headquartered in Valencia, which seeks to increase its presence in the European artificial intelligence market through strategic stakes in high-potential firms such as Subgen AI.
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