Wiersholm advises Otto Olsen Invest AS in their sale of AS Sørensen og Balchen  to Mekonomen AB (publ).

AS Sørensen og Balchen has been a leading distributor of automotive wearing parts and accessories for decades. Sørensen og Balchen operates the BilXtra spare parts chain in Norway, which has 32 own stores, 41 affiliated stores and slightly more than 200 cooperating workshops.

The parties signed a share purchase agreement on 27 January 2011. The purchase will be made using 1,945,783 newly issued Mekonomen AB shares through a non-cash issue and NOK 273 million in cash.

The acquisition is conditional upon Mekonomen's General Meeting approving a new issue of shares as the purchase consideration (non-cash issue). Special notification of an Extraordinary General Meeting will be issued shortly and the meeting is scheduled to be held on 25 February 2011. Implementation of the acquisition also requires the approval of the Norwegian Competition Authority.

Mekonomen's principal owner, Axel Johnson AB, and Mekonomen's management have agreed to vote in favour of the proposed non-cash issue.

A Wiersholm team headed by lead counsel Ståle Gjengset advised Otto Olsen Invest AS on the transaction.

For further information, please contact:

Ståle Gjengset
partner

T: +47 210 210 00
E: sgj@wiersholm.no