Raketech Reaches Deal to Cut Casumba Earnout by €12.1M

According to the agreement, Bank of Valletta has approved €5.5 million in financing. Raketech will provide the remaining €2.7 million, but completion still requires the bank to release the loan.

Casumba Payments Continued After the Sale

Raketech bought Casumba in August 2019. The purchase included payments to the sellers that were still outstanding when the company disposed of the assets six years later.

In May 2025, Raketech extended the earnout deadline to March 2028. The outstanding amount was subject to interest, with payments to be made entirely in cash.

The Casumba assets were sold in September 2025 for €12 million. Rather than receiving the money immediately, Raketech agreed to monthly installments through December 2029, carrying 8% interest.

Around €11 million plus interest is still to be collected. The receivable had a carrying value of €6.8 million at June 30, 2026. The acquisition liability, meanwhile, stood at €21.3 million on the same date.

Bank Funding and the March 2027 Deadline

The settlement terms published on October 19 require an initial €3 million cash payment. Bank of Valletta would then cover the remaining €5.2 million owed to the sellers and reimburse €300,000 of Raketech’s earlier outlay. The €5.5 million financing carries 6.65% annual interest and is secured against proceeds from the Casumba sale.

The agreement has two dates attached to it. Quarterly earnout installments restart if the bank money is not released by December 31. By March 31, 2027, continued failure to obtain financing would give individual sellers the option to restore the previous payment terms, with sums already received deducted.

Raketech expects a one-off accounting gain upon completion, with no effect on EBITDA. The company also disclosed that director Magnus Alebo, who has a beneficial interest in one of the sellers, was not involved in approving the settlement.