Swedish medical technology and bitcoin treasury company H100 Group has completed the acquisition of Norwegian bitcoin companies with 2455 $BTC, more than tripling its reserves—to 3506 $BTC.
The deal involved no cash payment: H100 issued 790.5 million new shares to the sellers, the company announced in a press release on Monday.
The new share issuance diluted the stakes of existing shareholders by approximately 70%. H100 valued the shares at 1.86 Swedish krona ($0.20) each, valuing the deal at approximately 1.47 billion krona ($155 million).
H100 stated that the compensation was calculated on a 1:1 "bitcoin for bitcoin" basis: the number of issued shares was determined proportionally to the sellers' share in the combined bitcoin reserves of H100 and the acquired companies. Other assets and liabilities were not included in the calculation.
Following the deal, the value of H100's bitcoin assets reached approximately $228 million. The company became the second largest in Europe by bitcoin reserves after Germany's Bitcoin Group SE with 3605 $BTC, according to BitcoinTreasuries.
H100 first announced the deal in March, signing a letter of intent to acquire the private Norwegian bitcoin companies Moonshot and Never Say Die along with their bitcoin assets.
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