M&As: Agilyx increases shareholding in GreenDot to over 50%; DCM Shriram/Teknor Apex in jv to advance polymers in India

Public-listed tech firm Agilyx ASA has entered into an agreement to raise its ownership in GreenDot Global, a European platform for sourcing, sorting, and supplying plastic waste for recycling, to 50.1%.

Agilyx will meet the requirements to fully consolidate GreenDot's financial statements, and upon closing of the transaction, will begin consolidation accounting. GreenDot is expected to generate approximately EUR375 million in revenue and over EUR22 million in EBITDA in 2026.

Under the agreement, Lafor and Agilyx will jointly acquire all shares in GreenDot currently held by Circular Resources (19.1%). Following the transaction, Agilyx's shareholding will increase from 46% to 50.1%, while Lafor's shareholding will increase from 34.9% to 49.9%. Agilyx CEO Ranjeet Bhatia will serve as Chairman of GreenDot.

To finance the acquisition of the additional 4.1% shareholding, Agilyx has arranged a EUR4.7 million share purchase financing facility. This facility carries a 7% interest rate and an expected duration of about six months, providing full funding for the purchase without near-term cash impact on Agilyx.

Peter Norris, Chair of the Agilyx Board, commented, "Lafor has been a valuable partner at GreenDot, and we're excited to continue working together to build the EU's leading waste plastic recycling platform. Consolidating GreenDot's accounts will provide our shareholders better financial transparency and strengthen our partnership."

The transaction has received the required support of 2/3rds of the voting bonds under Agilyx's EUR40,000,000 Subordinated Convertible Bonds 2025/2028. Dispatch of the written resolution and completion of the transaction is expected today. This announcement is subject to disclosure requirements under Section 5-12 of the Norwegian Securities Trading Act.

GreenDot adds it is dedicated to addressing the plastic waste crisis by developing solutions and assets that close the circularity loop of plastics through the production of high-quality recyclates, including from difficult-to- recycle waste streams. The group's portfolio spans both mechanical and chemical recycling, Extended Producer Responsibility (EPR) licensing services, as well as consulting on EPR systems and design-for-recycling.

The foundation of the group was laid more than 35 years ago in Germany with Der Grüne Punkt which created the world's first nationwide EPR program for household packaging, including hard-to-recycle plastics like flexible films. Since then, GreenDot has constantly expanded its business areas in order to serve all requirements of the circular economy for plastics. To date, GreenDot has presence in Germany, Austria, Italy as well as France, and continues to widen its global network.

In other news, Teknor Apex B.V., a subsidiary of Teknor Apex Company, has entered into a joint venture with Shriram Polytech Ltd., a subsidiary of DCM Shriram Ltd, an Indian company engaged in PVC compounds. The joint venture will operate under the brand name PolyTek.

This partnership represents a significant milestone in Teknor Apex’s strategy to strengthen and grow its polymer compounds portfolio and develop its global partnerships in high-growth sectors. By combining Shriram Polytech’s strong domestic presence and manufacturing capability in vinyl compounds with Teknor Apex’s global formulation capabilities, the joint venture aims to deliver high-performance and technically advanced, specialty polymer solutions for diverse industrial applications.

India’s emergence as one of the world’s fastest-growing manufacturing and consumption hubs presents a compelling opportunity for innovation-led growth in advanced polymer compounds. Through PolyTek, the partnership will leverage India’s strategic position to enhance supply chain resilience, improve access to cutting-edge material technologies, and elevate product performance standards across industries.

Donald Wiseman, CEO of Teknor Apex, said: "Our collaboration combines Shriram Polytech’s presence in vinyl materials with Teknor Apex's formulating expertise to deliver high-performance solutions for one of Asia’s largest industrial ecosystems. By combining our strengths, we gain immediate access to a well-established local platform, deep market insight, and a strong manufacturing foundation."

Ajay S Shriram, Chairman & Sr Managing Director, DCM Shriram, added: "This partnership reflects our strategic intent to build future-ready businesses by combining global expertise with strong domestic capabilities. India is at an inflection point in advanced technologies and manufacturing, and through this joint venture, we aim to create a platform that delivers high-performance products and solutions at scale. Together with Teknor Apex, we are well positioned to drive innovation, strengthen supply chain resilience, and serve the evolving needs of both Indian and global customers."

The joint venture reflects a shared commitment to operational excellence, scale, sustainability, and responsible growth. PolyTek will focus on providing advanced polymer solutions that meet evolving customer needs while aligning with global environmental standards, the companies add.

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