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Investing.com -- Flat Capital plans to issue 475 million shares in exchange for all shares in Double Sunday, a company indirectly owned by Sebastian Siemiatkowski that holds 24.6 million shares in Klarna.
The integration of Double Sunday into Flat Capital comes at an agreed value of SEK9.5 billion. Double Sunday’s Klarna holding has been valued at approximately $46.7 per share.
The shares in Flat Capital are priced at SEK20 per share, representing a premium of about 42.5% compared to Flat’s net asset value as of June 30.
For the transaction to proceed, approval is required at an extraordinary general meeting by at least 90% of the shares and 90% of the votes. Flat’s majority owners, Sebastian and Nina Siemiatkowski, who hold approximately 17.5% of the shares and 40.8% of the votes in Flat, have committed to vote in favor of the transaction.
To repay Double Sunday’s existing debt, Flat Capital plans to secure debt financing of approximately SEK1.1 billion from a Swedish bank when the transaction completes. This financing is expected to have a one-year term.
Augment Partners serves as Flat Capital’s certified adviser for this transaction.
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