Cramo completes Theisen acquisition

Cramo has completed its acquisition of German rental company Theisen Baumaschinen.

As part of the transaction, Cramo has issued 374532 new shares which have been transferred to Arrex Beteiligungs-GmbH, the owner of Thiesen. The major shareholders of Arrex are Alexander Renner and his brother.

Under the purchase agreement, the new shares are subject to a "lock-up" arrangement under which 50% of the stock cannot be cashed within a year and the remainder within two years.

Mr Renner will remain as a part-time consultant, with Cramo's chief executive officer, Vesa Koivula, acting as interim managing director of Theisen.