Growens signs binding agreement to sell Email Service Provider business to TeamSystem Group

Highlights:

Strategic Rationale:

• Derisking of Group position in mature business
• Consistent cash-in
• Focus on development of BEE
• Provide return to stakeholders
• Fundamental change of business under EGM Regulations for Companies

Deal Consideration:

• Sale of
  • MailUp business (carve-out from Growens)
  • 100% of Contactlab S.p.A.
  • 100% of Acumbamail S.L.
  • 100% of MailUp Nordics/Globase
• Euro 70 million total gross consideration (subject to closing adj)

Key Milestones:

• Signing February 2, 2023
• GSM March 9, 2023
• Closing by end of June 2023
• Conditions precedent:
  • carve-out of MailUp business from Growens
  • GSM ordinary/extraordinary
  • Golden Power and Antitrust greenlight