Agreement to acquire majority shareholding in Infratek
Triton Funds enter into agreement to acquire majority shareholding in Infratek
- Agreement to acquire a 76.3 per cent stake in OSE-listed Infratek from Fortum and Hafslund
- NOK 14 (EUR 1.74) per share valuing the total share capital in Infratek to NOK 894 million (EUR 111 million)
- Completion of the share purchase agreement is conditional upon approval from relevant competition authorities
- Upon completion of the share purchase, Funds advised by Triton will make a mandatory offer to acquire all Infratek shares at an offer price of NOK 14 (EUR 1.74) per share.
Oslo, 26 June 2013 - Funds advised by Triton ("Triton") have entered into an agreement to acquire 48,727,224 shares, equalling 76.3 per cent of the issued shares and votes in Infratek ASA ("Infratek"), from Hafslund ASA ("Hafslund") and Fortum Nordic AB ("Fortum"). The agreed purchase price is NOK 14 (EUR 1.74) per share, valuing the total share capital in Infratek to NOK 894 million (EUR 111 million). The completion of the share purchase is subject to approval from the competition authorities in Norway and Sweden and will be carried out upon such approval, presumably in early August 2013.
Triton has successfully invested in and supported the development of other Nordic business services companies such as Bravida and NVS and is now committed to contribute to the development of Infratek.
"We have followed Infratek for a number of years and are pleased to have reached this agreement with Hafslund and Fortum. Infratek is the leading service player in the Nordic region within the construction, operation and securing of critical infrastructure and we look forward to supporting them in achieving their strategic objectives over the coming years", said Peder Prahl, Director of the General Partner of Triton Funds.
Bjørn Frogner, CEO of Infratek commented, "Infratek welcomes Triton as our new majority shareholder. They are recognized as a long term investor with a good track record of developing strong industrial companies. I would also like to express our gratitude towards Hafslund and Fortum, who have been good and supportive owners. We look forward to continuing our strong relationships with them as highly appreciated customers."
Upon completion of the share purchase, Triton will make a mandatory offer to acquire all Infratek shares at NOK 14 (EUR 1.74) per share. However, the agreement does not include any requirement for a full takeover. Further details and timing of this offer will be announced at a later stage and are expected in August 2013.
Arctic Securities ASA has been engaged as financial advisor to Triton in connection with this transaction.
Infratek is one of the leading Nordic players within building, operating and securing of critical infrastructure.
The Group delivers a wide range of services for power grids, railway systems, fibre networks, district heating, public street lighting and technical high security solutions.
Infratek has around 1,700 employees in Norway, Sweden, Finland and Denmark, and had revenues of NOK 2.8 billion in 2012. Infratek is listed on the Oslo Stock Exchange under the ticker code INFRA.
For further information: www.infratek.no
The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Northern Europe - with a focus on Germany, Switzerland, Austria and the four Nordic countries: Denmark, Finland, Norway and Sweden. Within this European region, Triton focuses on businesses in the Industrial, Business Services, and Consumer / Health sectors.
Founded in 1997, Triton seeks to pro-actively contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 23 companies currently in Triton's portfolio have combined sales of approximately €11.7 billion and over 47,000 employees.
The Triton funds are advised by dedicated teams of investment professionals based in China, Jersey, Germany, Luxemburg, Sweden and the UK.
For further information: www.triton-partners.com