Norvestor to take Inmeta Crayon private

Sonnie Ehrendal
16 January 2012

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A take-private of Norwegian technology consultancy Inmeta Crayon by Norvestor draws closer as significant shareholder CapMan accepts a public offer.

CapMan has announced its intention to accept the bid for its remaining 6.49% stake in Inmeta Crayon. It initially invested in Crayon in 2008. The portfolio company merged with Oslo Stock Exchange-listed Inmeta in early 2011 and its owners received a shareholding in the listed entity Inmeta Crayon. Subject to settlement, the current deal would represent a full exit for CapMan.

In mid-December, Norvestor holding company Metallic Invest made a bid for 100% of Inmeta Crayon's shareholding. The NOK 6 per share offer represented a premium of 42.2% on the volume-weighted average price for 2011 and valued the company at NOK 831m. Inmeta Crayon's board of directors recommended shareholders accept the offer.

In addition to CapMan, other significant shareholders include management (36%) and InnovationsKapital (9.52%). The former has entered a conditional agreement to sell its shareholding to Norvestor, subject to completion of the offer. The transaction is expected to reach settlement by 27 January 2012.

Inmeta Crayon provides software licensing and technology consulting services to enterprises. Based in Oslo, with offices in the Nordics and Germany, the company employs 450 staff and recorded NOK 278m revenues and NOK 13.9m EBITDA for Q3 2011.