Altor sells Eltek to Deltronics

Altor holds a 32% stake in the company; when combined with other large shareholders, the ownership group owns 76.6% of shares. The shareholders have recommended Deltronics' cash offer.

Deltronics' offer of NOK 11.75 per share represents a premium of 20% on Eltrek's closing share price on Friday 12 December.

Previous funding
Altor first invested in Eltek in 2010, picking up a 16.5% stake in the company. The buyout house later upped its stake to 32% over the following months.

Since Altor's investment, Eltek has disposed of non-core businesses including Nera Networks and NeraTel, as well as its automotive and renewable businesses.

Eltek's EBITDA has increased from NOK 276m in 2010 to NOK 441m in 2013.

Company
Eltek, which is listed on the Oslo Stock Exchange, specialises in the power electronic markets. Established in 1971, the company develops and markets power systems, based on power conversion technology products.

The company generated revenues of NOK 3.7bn in 2013. Eltek is headquartered in Drammen, Norway, and employs 2,400 people.

People
Hugo Maurstad is a partner at Altor.

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