US-based Sigma Additive Solutions has announced the planned sale of intellectual property from its additive manufacturing quality assurance business. According to a letter of intent, the technology will go to an undisclosed strategic buyer.
At the same time, Sigma signed a letter of intent to fully acquire travel startup NextTrip. The initial purchase price is expected to be 19.99 percent of Sigma shares, plus additional blocks of shares upon reaching certain milestones.
The transaction is expected to be valued at approximately $48 million. Closing is targeted for the fourth quarter of 2022. After that, Sigma is expected to continue operating under the NextTrip name.
Sigma says it aims to maximize shareholder value with the deals. Further details on the planned sale of the quality assurance technology are not yet known. The buyer also has not been named.
According to Sigma CEO Jacob Brunsberg, the NextTrip acquisition offers an opportunity to participate in a leading travel provider. The valuation is attractive. Additional value is created by selling the quality assurance assets to a strategic buyer.
NextTrip has developed a scalable booking platform with customized travel offerings, according to Brunsberg. The acquisition is expected to accelerate growth and open up new markets. Additional Sigma shares are tied to NextTrip business targets.
Until closing, the two companies will remain separate.