Apax to buy Evry for NOK 4.27bn

The GP's bid of NOK 16 per share is below the company's Friday closing price of NOK 17.20, but has the backing of Evry's board. Apax's offer has been accepted by majority shareholders Telenor, Posten and Folketrygdfonden, which collectively hold 73.39% of the share capital.

Evry revealed in August it was looking for new backers, as its state-backed owners Posten and Telenor were looking to divest.

Though the company's board has backed the GP's offer, a provision allows it to withdraw its approval if a rival offer of at least 10% more is made and Apax does not match the offer within five days.

According to Swedish financial news publisher Dagens Næringsliv, Apax has been competing with Finno-Swedish IT company Tieto and American GP Apollo for Evry.

Apax's offer was made through holding company Lyngen Bidco; if successful, the offer will likely see Evry delisted.

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