Apax Funds, through its acquisition vehicle Nordahl BidCo AB, has announced a recommended public cash offer to acquire all outstanding shares of Norva24 Group AB at SEK 36.50 per share, valuing the company at SEK 6.63 billion.
The offer represents a 58.7% premium over Norva24’s last closing price and has received support from Norva24’s independent bid committee. Major shareholders, including Valedo Partners (29.0%), Briarwood Chase Management (10.8%), and Nordstjernan AB (9.3%), have irrevocably committed to accepting the offer, bringing total secured acceptances to 57% of outstanding shares.
Norva24, a leading player in the Underground Infrastructure Maintenance (UIM) sector, operates over 80 branches across Norway, Germany, Sweden, and Denmark. Apax intends to accelerate Norva24’s growth through operational improvements and acquisitions, aiming to create a global leader in the sector.
The acceptance period for the offer is set to run from March 28 to May 6, 2025, with settlement expected on May 13, 2025. The deal is subject to regulatory approvals and a 90% minimum acceptance threshold.
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