oceansix future paths, a recycling and manufacturing technological solutions provider, has announced that its subsidiary Oceansix S.L. signed an asset purchase agreement to acquire Original RePack, a company specialising in reusable packaging systems.
The deal is valued at C$2.39m ($1.75m) and is being financed via a mix of shares and cash.
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Specifically, oceansix issued 24.95 million of its common shares to RePack shareholders and a cash payment of $108,000 on closing.
This acquisition, an arm’s length transaction, is expected to reduce oceansix’s reliance on single-use packaging in e-commerce deliveries, which affected an annual dispatch of 161 billion parcels in 2022.
The transaction is subject to final approval from the TSX Venture Exchange in Toronto, Canada.
The shares issued under the agreement will be subject to a trading restriction for four months and one day after issuance.
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By GlobalDataThe price of shares issued to RePack shareholders post-closing will be subject to oceansix’s share price at the time of issuance and calculated as per the exchange rules.
oceansix CEO Elad Hameiri said: “As a pioneering force in sustainable innovation and disruptive engineering, our recent acquisition of RePack marks a significant milestone in our journey towards a more sustainable future. Together with RePack we are entering the new era where packaging is used again and again.”
RePack provides reusable packaging solutions that reduce environmental footprint while improving the customer experience.
Its reuse systems remove the need for companies to constantly replenish their packaging supplies.
RePack CEO Jonne Hellgren said: “With oceansix, we will be able to make sustainability simple and engaging, creating a continuous loop of good. To make this happen it takes more than just a reusable product. It needs a truly circular, scalable system.”
oceansix has a presence on Toronto’s stock exchange, as well as on New York, US, and Frankfurt, Germany’s respective stock exchanges.
