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Opus acquires two vehicle inspection companies in Argentina

Opus Group AB (publ) and its subsidiary Opus Inspection, Inc. (Opus) acquired 100% of the shares of two vehicle inspection companies, VTV Norte and VTV Metropolitana (VTV Metro), with concessions in the province and city of Buenos Aires, Argentina. The total purchase price, on a cash and debt-free basis, amounts to approximately EUR 10.8 million (approximately SEK 111 million). The acquisition closed on May 29, 2018. 

Opus Group AB (publ) and its wholly owned subsidiary Opus Inspection, Inc. signed an agreement to acquire 100% of the shares in VTV Norte and VTV Metro from Macovit Sociedad de Inversiones S.L., Spain, for a total purchase price of approximately EUR 12.3 million. The companies hold approximately EUR 1.5 million in cash at closing. The transaction is financed through existing cash. The VTV companies will be consolidated into Opus accounts from date of acquisition.
For the past 20 years, VTV Norte has operated a concession for five vehicle inspection stations in the province of Buenos Aires, inspecting 330,000 vehicles a year. The concession expires at the end of 2018, and negotiations are underway to obtain a contract extension. VTV Metro has a concession until 2026 to operate two inspection stations in the city of Buenos Aires. In 2017, the first calendar year of its operation, the company inspected 145,000 vehicles. In 2017, VTV Norte and VTV Metro had combined revenues of approximately EUR 10 million based on 2017 end of year exchange rate.
The acquisition of VTV Metro and VTV Norte will strongly improve Opus’ overall position in Argentina and in the Latin American vehicle inspection market. It will contribute positively to Opus’ overall EBITDA and return on capital employed (ROCE) from the date of acquisition. No one-off incremental expenses are expected as a result of the completed transaction.
VTV Norte and VTV Metro will continue to operate under the same names, and with the same highly experienced management team and staff. VTV Norte has successfully operated its concession for 20 years; both companies are active in the local vehicle inspection association.
“We are looking forward to working with the governments of the province and city of Buenos Aires to deliver safer roads and cleaner air for citizens,” said Alfredo R. Granai, Opus’ President, Latin America. “We believe that with Opus’ world-class technology solutions and operational excellence, we can further strengthen the service offering of the VTV companies to the city and province of Buenos Aires and its people. I want to express a warm welcome to the 110 VTV employees in Argentina as they are becoming a part of the Opus family.”
Background to the acquisition
The new operations in Buenos Aires continue to increase Opus’ footprint in Latin America. Car ownership is increasing rapidly in the region. Currently, the city of Buenos Aires has a population of 2.9 million and a vehicle fleet of almost 1.5 million, while the province’s population is 14 million with a vehicle fleet of 5.5 million. The company’s combined footprint across Argentina, Chile, Mexico, and Perú creates a solid basis for further expansion in the region.
Gothenburg, May 29, 2018
Opus Group AB (publ)
This information is information that Opus Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 21:00 CET on May 29, 2018.

For additional information, please contact:
Lothar Geilen, CEO
Tel: +46 31 748 34 00
E-mail: lothar.geilen@opus.se

Helene Carlson
Director of Corporate Communications & Investor Relations
Phone: +46 765 25 84 93
E-mail: helene.carlson@opus.se

Opus to redeem its senior unsecured floating rate bonds, 2013/2018, in advance of the final maturity date

On 20 November 2013, Opus Group AB (publ) (“Opus”) issued unsecured floating rate bonds of maximum SEK 500,000,000 with ISIN: SE0005556834 (the “November 2018 bonds”). Opus hereby gives irrevocable notice of the early redemption of all of the outstanding November 2018 bonds.

In accordance with the terms and conditions of the November 2018 bonds, Opus will send a notice of the early redemption of all of the outstanding November 2018 bonds to the bondholders today. Each of the November 2018 bonds will be redeemed at an amount corresponding to 101.00 per cent of the nominal amount together with accrued and unpaid interest from, but excluding, the preceding interest payment date (20 May 2018) up to, and including, the early redemption date (25 June 2018). 
Payment will be made to each person who is registered in the debt register as a “Bondholder” in accordance with the terms and conditions of the November 2018 bonds on 15 June 2018. The early redemption date is set to 25 June 2018. The last day for trading with the November 2018 bonds will be 13 June 2018.
This notice of early redemption is irrevocable.
The information was submitted for publication on 28 May 2018, at 16:30 CET.
This notice of early redemption is governed by Swedish law, and is, for the avoidance of doubt, not an offer to purchase or sell financial instruments.
Gothenburg, May 28, 2018
Opus Group AB (publ)

For additional information, please contact:
Linus Brandt, CFO & Executive Vice President
Phone: +46 722 44 09 05 
E-mail: linus.brandt@opus.se

Opus issues bond of SEK 500 million

Opus Group AB (publ) (“Opus”) has issued senior unsecured bonds of SEK 500 million with a tenor of four years on the Nordic market. The bonds carry a floating rate coupon of STIBOR 3m + 375 basis points and have final redemption in May 2022. The bonds have a framework amount of SEK 800 million.

The net proceeds from the bond issue will primarily be used for refinancing purposes of the outstanding SEK 500 million bonds maturing on November 20, 2018 (ISIN: SE0005556834). Opus will apply for listing of the bonds on Nasdaq Stockholm.
“We are issuing a new corporate bond to refinance Opus’ outstanding bond with final maturity on November 20, 2018 and thereby securing financing of our continued growth” says Linus Brandt, CFO & Executive Vice President of Opus.
Swedbank has been financial advisor and arranger in connection with the bond issue and Vinge has been legal counsel to Opus in the same regard.
Gothenburg, May 24, 2018
Opus Group AB (publ)

For additional information, please contact:
Linus Brandt, CFO & Executive Vice President
Phone: +46 722 44 09 05 
E-mail: linus.brandt@opus.se

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  • Lothar Geilen

    Lothar Geilen

    Chief Executive Officer (CEO)
    Phone: +46 31 748 34 00

  • Helene Carlson

    Helene Carlson

    Director of Corporate Communications & Investor Relations
    Phone: +46 31 748 34 93

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