Apax buys Evry for NOK 3.8bn

The GP first tendered an offer of NOK 16 per share for 90% of the shares in December last year, but resistance by some Evry investors meant Apax extended the offer period several times, and eventually settled for buying a smaller stake.

At NOK 16 per share, the deal puts Evry's market cap at NOK 4.3bn. It is subject to approval at two shareholder meetings on March 23.

Apax's take-private will be financed by a NOK 5.5bn debt package which includes leverage, a revolving credit facility, and refinancing of Evry's debt of approximately NOK 3.2bn .

The package was arranged by Credit Suisse, Bank of America Merrill Lynch, DNB and Nordea, as well as MLA Mizuho.

The financing is composed of a NOK 1bn revolver, a NOK 900m term loan A, and a NOK 3.6bn term loan B. The latter term loan is a multi-currency structure with NOK 570m denominated in Swedish krona and NOK 2.6m denominated in euros, according to Reuters.

It was reported the financing had been put out for syndication in the European leveraged loans market, and the term loan B is set to pay a margin of 500 basis points over the Euribor rate, with a discount on the original issue of 98.5.

Company
Headquartered in Oslo, Evry is the largest IT company in Norway and supplies IT services for operations, outsourcing and online banking.

Evry was the result of a merger between Norwegian IT businesses EDB and ErgoGroup in 2010, and today employs 10,000 people in 135 countries.

The company had revenues of NOK 12.76bn in 2013, with an EBITDA of NOK 112.28m.

People
Terje Mjoes is the CEO of Evry.

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• Topics
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• Apax Partners
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• Unq2015Apr