Nordic Capital in take-private bid for Nordnet

In two share block acquisitions, Nordic Capital has taken a total 9.6% stake of shares and votes in Nordnet, so far.

The offer is being made alongside Swedish investment manager The Öhman Group, which is the current majority owner of Nordnet, with 62.7% of its shares. Öhman has committed to contributing its entire shareholding to the joint NNB Intressenter holding vehicle, through which the two have a combined 72.3% shareholding in Nordnet.

Through the holding vehicle, Nordic Capital and Öhman are offering SEK 37 in cash per share, corresponding to a SEK 6.476bn value for the outstanding shares of Nordnet. The offer represents a 25% premium on the company's closing share price on 24 October and a 37% premium on the volume-weighted average price of Nordnet's shares in the six months prior to the offer.

Upon achieving a 90% shareholding in the company, the consortium intends to make a compulsory purchase order for the remaining shares in Nordnet and de-list it from the Stockholm stock exchange.

The acceptance period for Nordic Capital's offer is planned for 5 December 2016, ending on 23 January 2017, with an offer document being published around 2 December.

Nordnet's board has not yet made any recommendation in regards to the offer from Nordic Capital and Öhman, but are expected to do so in the time leading up to the acceptance period.

Öhman and Nordic Capital said in a statement the offer and potential de-listing are seen as necessary steps to retain Nordnet's customers and competitiveness in what the consortium deems an increasingly difficult competitive situation.

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• Topics
• PIPEs
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• Nordic Capital
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