Sweden-listed health-tech and Bitcoin treasury company H100 Group completed its acquisition of Norwegian Bitcoin companies holding 2,455 Bitcoin (BTC), more than tripling its Bitcoin treasury to 3,506 BTC.
The transaction involved no cash consideration, with H100 issuing 790.5 million new shares to the sellers, the company said in a Monday press release.
The newly issued shares diluted existing shareholders by about 70%. H100 priced them at 1.86 Swedish kronor ($0.20) each, valuing the transaction at about 1.47 billion kronor ($155 million).
H100 said the consideration was calculated on a 1:1 “Bitcoin-for-Bitcoin” basis, with the number of shares issued determined by the sellers proportionate share of the combined Bitcoin holdings of H100 and the acquired companies. Other assets and liabilities were excluded from the calculation.
The acquisition brought the value of H100‘s Bitcoin holdings to about $228 million, making it Europe’s second-largest Bitcoin treasury company by holdings, behind Germanys Bitcoin Group SE with 3,605 BTC, according to BitcoinTreasuries.
H100 first announced the deal in March, when it signed a letter of intent to acquire privately held Norwegian Bitcoin companies Moonshot and Never Say Die, along with their Bitcoin holdings.