And now confirmation for this!
Norbit is acquiring 100% of the share capital of the Norwegian company Water Linked. Water Linked produces, among other things, underwater navigation and imaging technologies. So it fits perfectly under Oceans! Their repertoire includes DVLs (doppler velocity logs), 3D imaging sonars, underwater modems, and acoustic positioning systems. Applications can be found in unmanned vessels (subsurface and surface), offshore energy, and defense.
Last year, the Oceans segment had a turnover of just under 900 MNOK. So this is quite a significant addition to the segment’s revenue.
As previously communicated, Water Linked has reported strong organic growth in recent years and is expected to generate around NOK 100 million in revenues in 2026 with an EBITDA margin in the range of 25–30 per cent, excluding any synergies from combining forces with NORBIT.
The transaction values Water Linked NOK 330 million on a cash and debt-free basis and will be fully cash-settled at closing. The acquisition will be financed with a new term loan. Closing of the transaction is expected on or about 30 June 2026.
The valuation was already mentioned in the post above: EV/EBITDA 11-13x and EV/S 3.3x. If high-margin growth continues (25-30% EBITDA), the price paid isn’t terrible at all!
As the leading Norbit analyst on this forum, I approve of this acquisition!