OIO Group enters term sheet for proposed acquisition of automotive platform

OIO Group (OIO) announced that it has entered into a term sheet in relation to the proposed acquisition of a privately held German-based specialist automotive engineering and production platform. The term sheet contains certain binding provisions relating to exclusivity, confidentiality, cooperation and the transaction process. The term sheet provides OIO Group with a 75-day exclusivity period to conduct due diligence and negotiate definitive transaction documents. Completion of the proposed acquisition remains subject to due diligence, valuation review, definitive agreements, financing or funding arrangements, conditions precedent and final approval by OIO Group’s board of directors. The parties will proceed with due diligence and continue negotiating definitive transaction documents during the exclusivity period. The target platform is associated with specialist automotive engineering, prototype development, low-volume production and related technical capabilities serving performance and specialty vehicle applications in Europe. OIO Group believes these capabilities are closely aligned with its strategic direction and would support the scaling and execution of the De Tomaso P72 and P900 programs. There can be no assurance that the proposed transaction will be completed on the terms currently contemplated, or at all. Shareholders and potential investors of OIO Group are advised to exercise caution when dealing in the securities of OIO Group.