The combination between CDON and Fyndiq has been completed
The combination of CDON AB ("CDON") and Fyndiq AB ("Fyndiq") was completed today.
As previously announced on 16 February 2023, CDON entered into a combination agreement with a majority of the shareholders of Fyndiq, to combine CDON and Fyndiq's businesses. Information regarding transaction rationale and financial impacts can be found in the press release regarding the combination of CDON and Fyndiq available at https://investors.cdon.com/en/investor-relations/press-releases/cdon-and-fyndiq-combine-forces-to-create-the-leading-nordic--102081. The combination was completed today by way of CDON acquiring the shares in Fyndiq from the shareholders in Fyndiq.
The consideration for the acquired shares in Fyndiq has according to the combination agreement consisted of 4,101,892 newly issued ordinary shares in CDON and 241,543 newly issued class C shares in CDON, corresponding to an ownership share for the Fyndiq sellers of 40.3 percent of the shares and 39.0 percent of the votes in CDON. The new CEO and certain other new key employees have for a portion of their consideration received SEK 7,122,575 in cash.
New Board and management in CDON
In accordance with the resolution by the Extraordinary General Meeting on 28 March 2023, the changes regarding the composition of CDON's Board of Directors ("the Board") have now become effective as a result of the completion of the combination. CDON's new Board as of today, until the end of the next Annual General Meeting (the "AGM"), consists of Josephine Salenstedt (Chair), Brad Hathaway, Christoffer Norman, Erik Segerborg and Jonathan Sundqvist. As announced by CDON on 4 April 2023, the Nomination Committee proposed that the new Board is re-elected at CDON's AGM on 9 May 2023, that Christoffer Norman is elected as new Chair of the Board and Erik Segerborg as new Deputy Chair of the Board.
The new Board has today at its statutory meeting resolved to appoint Fredrik Norberg as CDON's new CEO, and Thomas Pehrsson as CDON's Deputy CEO.
CDON was founded in 1999 and is now the biggest marketplace in the Nordic region. Customers can choose to buy and compare prices for millions of products at CDON, by far the widest range of all Nordic e-retailers. Over 1,500 merchants use CDON's platform and technology to increase their sales. This gives CDON a wide range of products within, movie, music, computers, games, office supplies, books, toys, consumer electronics, household appliances, sport, outdoor, beauty care, fashion, shoes, computers, and computer products. CDON is listed on Nasdaq First North Growth Market with the abbreviation CDON.
Fyndiq was launched in 2010 and is operating a marketplace which offers a wide range of bargain products from Swedish and international merchants. Fyndiq has built an effective technical platform that allows merchants to easily get access to a large customer group while Fyndiq takes care of marketing, customer support and payments. Fyndiq's main market is Sweden and it also operates sites in Finland, Norway and Denmark. Fyndiq is headquartered in Stockholm.
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