Worthington Enterprises, Inc. (NYSE:WOR) signed a definitive agreement to acquire Hexagon Ragasco AS from Hexagon Composites ASA (OB:HEX) at an enterprise value of NOK 1.05 billion on May 29, 2024. Under the terms, the purchase price for the acquisition of Ragasco, will be approximately NOK 1,027.73 million ($98.0 million), subject to closing adjustments and a potential earnout that could, based upon Ragasco?s performance through 2024, either increase the purchase price by up to NOK 94.383 million ($9.0 million), or reduce the purchase price by up to NOK 52.435 million ($5.0 million). The purchase price will be sourced primarily from the Registrant?s existing cash. In related transaction Hexagon Composites signed a definitive agreement to acquire 49% stake in Sustainable Energy Solutions business segment. Depending on the full year 2024 performance of Hexagon Ragasco, the value may be adjusted between minus NOK 50 million to plus NOK 100 million.

The sale of Hexagon Ragasco is expected to close on or around June 3, 2024. DNB Markets and Danske Bank acted as financial advisors, and Schjødt and Saxinger Rechtanwalts acted as legal advisors, to Hexagon Composites on the transactions.

Worthington Enterprises, Inc. (NYSE:WOR) completed the acquisition of Hexagon Ragasco AS from Hexagon Composites ASA (OB:HEX) on June 3, 2024. Worthington Enterprises used NOK 878.811 million ($83.8 million) after the quarter ended to fund the remaining purchase price of Hexagon Ragasco. Under the terms, the total purchase price was approximately NOK 1,027.73 million ($98 million), subject to closing adjustments, NOK 119.552 million ($11.4 million) of which was deposited into escrow at fiscal year end.