Banks take over Relacom from Altor

Nordea, DnB Nor and HSH Nordbank are the new majority owners following the deal, which also sees the banks inject more capital in the company. Relacom ran into financial difficulties in 2008 and the market entry of new competitors reduced profitability in the sector. Altor and the banks injected additional capital to support the restructuring of the company at the end of 2009; however more capital would prove to be necessary.

Altor acquired Telavie in December 2004, which merged with Flextronics Network Services in 2005 to form Relacom. The company is headquartered in Stockholm and operates in 17 countries globally. Relacom specialises in construction, installation and maintenance services of telecom networks.

It has been reported that the alternative to the debt-for-equity swap was insolvency.

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• Topics
• Nordics
• Technology
• Exits
• Altor
• Debt-for-equity
• Nordea
• DnB NOR
• HSH Nordbank
• Sweden