EQT acquires 68% of IFS for SEK 8.7bn take-private

The GP's investment saw its 2015-vintage €6.75bn EQT VII fund acquire 63% of IFS's share capital and 68% of voting rights, at a 20% premium to the six-month, volume-weighted average share price for the company's B shares.

Having passed the 30% mandatory bid threshold of Nasdaq OMX Stockholm, EQT will make an offer of SEK 362.50 per share for the remaining IFS shares before 25 December.

At SEK 362.50 per share, the implied price paid by EQT for its 63% stake would be around SEK 5.46bn. The total value of the company's 24 million B-shares at SEK 362.50 is approximately SEK 8.67bn.

EQT acquired its 63% shareholding from investors Förvaltnings, Wasatornet, Gustaf Douglas, Catella Fondförvaltning, Lannebo Fonder, SEB, AP4, Anders Böös, Greenfield, Heinz Kopfinger and DNB.

The Nordic enterprise software sector has been a popular target for private equity in the region in recent years, with several regional and global GPs making acquisitions in the industry.

Company
IFS is an enterprise software provider focusing on enterprise resource planning (ERP) development, sales and implementation.

Founded in 1983, the Linköping-headquartered company employs 2,700 people and is listed on the Stockholm mid-cap exchange.

People
EQT partner Per Franzén led the deal for the GP. Alastair Sorbie is the CEO of IFS.

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