Through its wholly-owned subsidiary Inission Norge AS, Inission AB (“Inission”) has entered into an agreement to acquire the remaining 49.9% of the outstanding shares in AXXE AS (“AXXE”). The agreement, signed today on November 14, 2025, represents an acceleration of the previously agreed transaction.
The purchase price for the remaining 49.9% of the shares in AXXE amounts to 59.9 MNOK, based on an enterprise value (EV) of 6x EBITDA average for 2024 and forecast for 2025, corresponding to a total EV of 120 MNOK.
Payment for the remaining shares will be made in two tranches. Today, 5.2 MNOK has been paid in cash, and two promissory notes have been issued. One of the notes, amounting to 45.4 MNOK, is due for payment no later than April 1, 2027. The discounted value of this liability amounts to 39.3 MNOK. The second note will be settled with newly issued Inission B shares corresponding to 9.2 MNOK.
The number of newly issued shares amounts to 223 413. The shares will be issued to Back Me Up AS, Norway 172 757 shares, Uroboros AS, Norway 29 032 shares, and Keygard AS, Norway 21 623 shares.
Through negotiations with the sellers, the share price has been set at 38,69 SEK, based on the average closing price of Inission’s share during the 10 trading days preceding November 14, discounted by 8%. The Board of Directors considers the pricing to be in line with market conditions. Following the directed new share issue, the total number of shares will amount to 23,037,890. The share capital will increase from 951,238 SEK to 960,553 SEK. The dilution effect amounts to 1.0%.
The previously agreed variable earn-out payment will be adjusted from 37.0 MNOK to 59.9 MNOK, resulting in an accounting effect of approximately 22.9 MNOK before tax. This will be reported as a non-recurring financial cost in Q4 2025. The cost has no cash flow impact.
About AXXE
AXXE’s history dates back 40 years, and the company was established in its current form in 2007. AXXE is an EMS company with 60 employees located in Halden, Norway. In 2024, AXXE reported revenues of 163 MNOK and an EBITDA of 21 MNOK. The company has a well-diversified customer base within offshore, defence, communications, IoT, and industrial sectors.
www.axxe.no
Strategic rationale
Growth through acquisitions is a central part of Inission’s strategy. The acceleration of the previously agreed transaction ensures that it is completed at an attractive price for both parties and allows the company to more rapidly realize full synergies within the Inission Group. The aim is to leverage the favourable market conditions and quickly build an even stronger electronics competence center in Norway.
With this acquisition, Inission strengthens its position in Norway and the Nordic market and continues to build on the solid expertise present in both Halden and Løkken.
AXXE’s high level of competence and manufacturing capacity contribute to Inission’s expansion in the Nordic EMS market. Furthermore, AXXE’s broad customer base complements Inission’s already strong customer portfolio, enhancing its presence across several market segments. For AXXE, the transaction provides opportunities to improve its service and product offering to both existing and new customers in the Nordic region and to fully capitalize on the synergies within the Inission Group.
Erik Dragset, Managing Director Inission Norge AS:
“An earlier full integration of AXXE into Inission is important to maintain our positive market momentum and to further build on the strong competence base in both Halden and Løkken. This will strengthen our position as an attractive supplier with solid Norwegian facilities.”
Øystein Back, Managing Director AXXE AS:
“Becoming a fully integrated part of the Inission Group is something we have looked forward to for a long time. Through Inission, we can further develop our services, processes, systems, competence, and equipment – all to the benefit of our customers. Most importantly, this creates a strong foundation for continued growth through more and larger customers. It feels both rewarding and reassuring to be part of the Inission family.”
For more information:
Erik Dragset, Managing Director Inission Løkken AS
+47 901 62 348
erik.dragset@inission.com
Øystein Back, Managing Director AXXE AS
+47 908 66 552
oystein.back@axxe.com
www.axxe.no
This information is such that Inission AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person above, on November 14, 2025, at 08:45 CET.
About Inission
Inission AB consists of two business areas under the brands Inission and Enedo.
Inission (EMS) is a contract manufacturer of industrial electronics and mechanics, offering services covering the entire product lifecycle — from development and design to industrialization, volume production, and aftermarket services. Enedo (OEM) develops, manufactures, and sells its own customized products and systems within power electronics.
Together, they strengthen our position in advanced electronics manufacturing and create new opportunities to deliver value to our customers. In 2024, total revenue amounted to SEK 2.2 billion with an average of 1,081 employees. Inission AB is listed on the Nasdaq Stockholm Main Market and operates in Sweden, Norway, Finland, Estonia, Lithuania, Italy, the USA, and Tunisia. Reports are available at: www.inissiongroup.com/en
Inission AB, Lantvärnsgatan 4, 652 21 Karlstad
Corporate ID: 556747–1890