Airthings ASA: Airthings signs Letter of Intent to sell Business segment assets to Zehnder Group

(Oslo, 16 June 2025) Airthings ASA has agreed a non-binding exclusive Letter of Intent (LOI) for the sale of the company’s Business segment assets to Zehnder Group AG, a global company offering indoor climate solutions. The transaction will secure additional funding for Airthings to accelerate innovation and value creation in the fast-growing global consumer market for indoor air quality (IAQ) technology.

On 29 April this year, Airthings announced a non-binding LOI to sell the company’s Business segment assets to Firda AS, an investment firm controlled by the chair of the Airthings board of directors. At the same time, the board initiated a process to explore alternative offers for the Business segment assets, as well as a strategic review of all Airthings assets. 

Airthings has since the announcement engaged in discussions with several interested parties and received multiple indicative bids for the Business segment assets. After considering the alternative proposals, the company has concluded that a sale to Zehnder Group would represent the best available outcome for Airthings and its stakeholders, including from a valuation perspective.

Under the LOI, Zehnder Group will take over all operational Airthings Business segment assets, including technology, customer contracts, inventory and employees. Following a customary due diligence by Zehnder Group, Airthings and Zehnder Group intend to sign a definitive Asset Purchase Agreement by early July 2025.   
The company's ongoing strategic review of the Consumer and Pro segment assets as announced on 29 April will continue.

Significant B2B synergies

Headquartered in Switzerland, Zehnder Group provides world-leading solutions for a comfortable, energy-efficient and healthy indoor climate. The products and services of the Group include heating, cooling, indoor ventilation and air cleaning. Zehnder Group aims to expand its digital indoor air quality offerings and sees significant potential for synergies in the B2B market between its Clean Air Solutions division and the indoor air quality monitoring solutions from Airthings’ Business segment activities.

Milestone for Consumer strategy execution

Selling the Business segment assets represents an excellent opportunity for Airthings to further execute its more focused strategy, which was updated in August 2024. Over the past several years, consumer awareness of indoor air quality and health-related monitoring has grown significantly, particularly in North America.
 
“This potential transaction represents a strong outcome for all parties involved. Airthings gains financial flexibility and the ability to fully concentrate on scaling its consumer business. At the same time, the business segment will be taken forward by a committed industrial owner that shares Airthing’s passion for indoor air quality, with strong synergies and clear ambitions for future growth,” says Emma Tryti, CEO of Airthings. 

DNB Carnegie, a part of DNB Bank ASA acts as financial advisor to Airthings and Schjødt as legal advisor.
 
For further queries, please contact:

Emma Tryti, CEO: ir@airthings.com
Helge Øien, CFO: ir@airthings.com

About Airthings

Airthings is a leading global technology company specializing in radon detectors and indoor air quality (IAQ) monitors for homes, businesses, and public institutions.

The award-winning technology, recognized by TIME’s Best Inventions, and the CES Innovation Awards, generates billions of environmental datapoints, from more than 1 million devices sold worldwide. Built on proprietary data, IAQ insight is presented through Airthings’ public radon map, and its hardware-enabled software offering, and through research in collaboration with world-leading research institutes.

With more than 80 percent of sales in North America, Airthings has established a strong foothold in one of the world’s largest markets, distributing through top-tier retailers such as Amazon, The Home Depot and Target.

For more information on Airthings’ comprehensive range of IAQ solutions and the benefits of healthy indoor air, please visit airthings.com.

This information is subject to the disclosure requirements pursuant to MAR Article 17 and Section 5-12 of the Norwegian Securities Trading Act.