VNV Global exits investment in Gett following Pango acquisition

VNV Global AB announced it has entered into an agreement to fully exit its investment in Gett as part of the acquisition made by new buyer Pango.

The total net consideration for VNV Global’s interest in Gett (adjusted for expected transaction costs and other minor purchase price adjustments at closing) amounts to $83 million.

At closing, VNV Global will receive approximately $70 million. The remaining $13 million will be held in escrow as part of the Buyer’s protection under the stock purchase agreement. The Escrow Amount will be released to VNV Global in parts following the first, second and third anniversary of the closing of the transaction.

The transaction is expected to close in H2 2024, subject to applicable regulatory approvals and other customary closing conditions.

The total net consideration of $83 million represents a 11.2% discount to the valuation of Gett in VNV Global’s latest available net asset value as per 31 March 2024.

Per Brilioth, VNV Global’s CEO, said: “We have been proud partners of Gett since 2014. During almost a decade we have had the privilege to see the company and its management successfully navigate a very dynamic and fast-moving environment and grow Gett into a strong, resilient, and profitable company. Upon closing, this transaction will significantly strengthen our balance sheet and increase our flexibility further in relation to our remaining outstanding bonds.”