On April 25, Borosil Renewables Ltd reported on the stock exchanges that its board of directors had approved the purchase of 100% of Interfloat Corporation and GMB Glasmanufaktur Brandenburg GmbH. (GMB). Both companies are involved in the solar glass industry.
“The board has approved the execution of a share purchase agreement (SPA) between the company, the subsidiaries, HSTG Glasholding GmbH, and Blue Minds IF Beteiligungs GmbH (SPA), as well as the execution of other necessary documents regarding the proposed transaction, whereby the company (along with its subsidiaries) shall agree to acquire 100 percent of the share capital of the target companies from HSTG Glasholding GmbH and Blue Minds IF Beteiligungs GmbH,” the company said in a statement.
Borosil will pay Euro 24.91 million in cash and an extra sum dependent on GMB’s performance in 2024, 2025, and 2026, but not more than 50% of GMB’s EBIT.
Borosil will own and control 100% of GMB through its German subsidiary. GMB recorded revenue of Euro 46.20 million in 2021, up from Euro 45.4 million the previous year. It made Euro 38.8 million in revenue in 2019.
