Known as the builder of a clean future, Skarta Group took over the marketplace of investment services company Privanet Group as a result of a share exchange arrangement completed in July 2021.
As a result of the transaction, Skarta’s owners hold 83% of the shares in the new entity, while the former Privanet’s owners hold 17% of the shares. At the same time, the company’s name was changed to Skarta Group Oyj. In the future, the company’s business operations will consist entirely of Skarta’s business operations.
“The arrangement was a unique and interesting experience for everyone involved. The procedure followed standard listing requirements, even though we went public through “the back door”. Everyone involved in the process had lots to do and we had to mull over details we don’t typically come across”, Tuomas Hirvonen, who was appointed as the CEO of Skarta Group Oyj in July, says.
The purpose of the somewhat unusual arrangement was to speed up Skarta’s process of going public.
“Skarta’s strong will to grow in the changing energy market made us consider different solutions for the future. It didn’t take long for all the parties involved to agree that this is the way in which Skarta would be going public. It was a solution that benefited the shareholders of both companies”, Hirvonen explains.
A new Board of Directors and CEO were also appointed for Skarta Group at the extraordinary general meeting held in July.
Lexia was responsible for all legal matters of the unique transaction. During the process, Skarta Group was assisted by experts in finance, funding, corporate transactions and contract law. Relisting of a listed company is a legal rarity, so from a professional point of view, the arrangement was a very interesting experience for the team involved.
“It was a success working with Lexia’s team, which was strengthened by more experts as needed. Despite the summer holiday season, the service we received was prompt and flexible. Instead of overwhelming us with legal intricacies, Lexia’s experts gave us practical solutions to any problems we came across”, Tuomas Hirvonen says.
Skarta Group’s vision is to become a pioneer in clean energy production and a respected construction partner for building a carbon-neutral future in the Nordic countries. The company is looking for growth in specialist construction and, for example, carbon-neutral industrial and wind power projects.