Nordic Capital bids for Orc

The cash offer, made through newco Cidron Delfi Intressenter, stands at SEK 86 per share for a 100% shareholding, valuing the company at SEK 2.02bn. Equity for the proposed transaction would be invested from Nordic Capital's seventh fund, which closed at €4.3bn in 2008.

Orc Group chairman Patrik Enblad commented in local media that the board unanimously supported the offer and that no other bidders have come forward to date. It has, however, employed financial adviser Lazard to seek other bidders and evaluate any offers made.

The Nordic Capital offer represents a premium of 52% over the three-month volume-weighted average and a 33% premium over the close following the last day of trading before the announcement. The transaction is conditional upon Cidron Delfi Intressenter acquiring a 90% stake from current shareholders. Its acceptance period runs from 23 December to 27 January.

Orc Group, founded in 1987, provides market access solutions in the form of deployed software or managed services to investments banks, hedge funds, and brokerage houses. Headquartered in Stockholm, Sweden, it has local offices in EMEA, the Americas and Asia-Pacific. It recorded a SEK 705m revenue in 2009 and employs around 400 staff. Nordic Capital has recommended Per E Larsson as new chairman of the company board, subject to successful takeover.

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• Topics
• Nordics
• Buyouts
• Sweden
• Nordic Capital
• Take Private