Altor makes SEK 2.294bn take-private offer for part-owned Transcom

The bid comes around a year-and-a-half after Altor acquired a 24.5% stake in Sweden's Transcom, becoming the largest single shareholder as part of a plan to drive value creation in the company. If the bid is accepted by enough shareholders, the GP plans to de-list Transcom.

Altor partner and Transcom board member Klas Johansson said in a statement that Altor would like to increase the pace of the strategy it has helped management develop, invest in increased digitalisation and make additional acquisitions, as well as review the structure of the company and cost efficiency.

Altor is bidding SEK 87.50 per share, which prices 100% of Transcom's share capital at SEK 2.294bn and represents a 36.6% premium on the SEK 64.05 90-day volume-weighted average price of shares leading up to the day of the offer. Subtracting the 24.3% stake held by the GP prior to the offer implies a bid value of around SEK 1,736bn for the outstanding shares.

In addition to its own shares, which is currently the largest single block, Altor has received conditional acceptance of its bid by shareholders representing 28.8% of Transcom's ownership. These are three SEB investment funds, the Fourth Swedish National Pension Fund (AP4) and Creades.

The bid is not subject to financing conditions and its acceptance period will run from around 16 January 2017 to 21 February.

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• Topics
• Nordics
• Buyouts
• Altor
• Take Private
• Sweden