Nordic Capital buys Vizrt from FSN for NOK 2.5bn

The GP offered NOK 37 per share for the entirety of the share capital, in an agreement with Vizrt to merge the business with two Nordic Capital-controlled holding companies, 24 October Holding and Nor Merger Sub.

Vizrt's largest shareholder, FSN Capital, has agreed to divest its 15.8% stake in the Norwegian company, which it has held through its FSN Capital III fund since 2008.

Nordic Capital currently has the backing of shareholders representing 51.5% of the company's shares, subject to certain conditions, while Vizrt's board of directors has unanimously backed the transaction, which is expected to close around 31 January.

If the deal is approved by the remaining shareholders, they will be paid a 35% premium on the six-month volume-weighted average share price of Vizrt, which will be delisted.

The offer for Vizrt is the second Nordic take-private in just two weeks, after TDR lodged an offer for Hurtigruten at the end of October.

Previous funding
Oslo-based FSN acquired a 16.27% minority stake in Vizrt in November 2008, and has since partly realised its investment, bringing its current stake to 15.8%.

Company
Founded in 1997, Vizrt provides a range of real-time graphics and asset management tools for the broadcast industry.

Vizrt generated revenues of $122.4m and a $20.4m EBITDA in 2013, according to its annual report.

The Bergen-based company has 40 offices globally with 550 employees, with customers including CNN, the BBC, Al Jazeera and Fox.

People
NC Advisory partner Kim Gulstad worked on the deal for Nordic Capital. Martin Burkhalter is the CEO of Vizrt.

Advisers
Equity – Carnegie (Corporate finance).
Company – ABG Sundal Collier Norge (Corporate finance).

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• Topics
• Nordics
• Technology
• Buyouts
• Norway
• Nordic Capital
• Take Private