Nordic acquires additional shares in Nordax

Nicole Tovstiga
16 February 2018

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Nordic Capital has acquired an additional 46,532,167 shares in niche lending bank Nordax through Cidron Humber, domiciled in Jersey, at the asking price of SEK 60 per share.

The deal is outside the public cash offer submitted by Nordic Capital Fund VIII and Nordic financial company Sampo on 8 February, to acquire outstanding shares in Nordax. The Swedish niche lending bank is listed on the Nasdaq OMX Nordic at the offer price of SEK 60 per share.

Following this transaction, the shares acquired by Nordic correspond to 41.9% of the total number of shares and votes in Nordax.

The selling shareholders were Swedish and international investors, including Carnegie Fonder, Handelsbanken Fonder, Investment Öresund and Swedbank Robur.

Nordic Capital now owns 71,381,325 shares in Nordax, corresponding to 64.3% of the total number of shares and votes in Nordax. Nordic Capital and Sampo together own 71.9% of the company.

The acceptance period for Nordic and Sampo's offer was expected to commence 19 February and expire on 21 March, subject to extensions.

In the first step of its take-private bid, Nordic Capital bought a 9.96% stake in Nordax with a call option that entitled it to an additional 5.04% in October 2017. At the time, the share block was worth SEK 886.1m based on a share price of SEK 53.25.