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
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.