Nordic Capital completes take-private bid for Nordnet

Through a holding vehicle jointly owned by Swedish investment company and existing major shareholder in Nordnet, Öhman Group, the Nordic private equity firm's Nordic Capital Fund VIII has acquired a large enough shareholding to force the sale of remaining shares through compulsory redemption.

Nordic Capital and Öhman's initial bid valued Nordnet's outstanding shares at SEK 6.476bn. The offer of SEK 37 per share represented a 25% premium on the company's closing share price on 24 October and a 37% premium on the volume-weighted average price of Nordnet's shares in the six months prior to the offer.

Öhman and Nordic Capital's bid succeeded after improving its initial bid of SEK 37 per share, made through holdco NNB Intressenter, to SEK 38 per share and subsequently extending the acceptance period. At SEK 38 per share, the company has a market cap of around SEK 6.6bn.

In a statement, Nordic Capital said Nordnet will be delisted from Nasdaq Stockholm on 17 February.

Prior to the take-private, Öhman held 62.7% of Nordnet's shares. Öhman committed to contributing its entire shareholding to the joint NNB Intressenter holding vehicle, through which it and Nordic Capital held a combined 72.3% shareholding in Nordnet when the initial offer was launched.

Company
Nordnet is an online trading platform founded in 1996.

Headquartered in Stockholm, the company provides savings and investment services in the Nordic region, allowing customers to invest in shares, mutual funds, derivatives, warrants, bonds and exchange-traded products.

The company also provides unsecured personal loans and margin lending against securities to private individuals, as well as pension products.

According to stock exchange filings, Nordnet recorded revenues of SEK 1.2bn in 2015 and operating income before interest and taxes of SEK 448m. It employs a staff of 440.

People
Nordic Capital – Christian Frick (partner).

Advisers
Equity – Carnegie (corporate finance); Advokatfirman Cederquist (legal).

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