Altor takes 23.3% stake in Spectrum

At NOK 29 per share, the GP paid a premium for the shares; the company had been trading around NOK 25.30 on the Oslo Stock Exchange on Tuesday.

The deal makes Altor the majority shareholder in Spectrum; the GP will nominate a candidate for the board of directors as well as call for an extraordinary general meeting.

Altor bought its share block from Øystein Stray Spetalen's Ferncliff investment vehicle and Solan Capital, which sold 6.1 million and 3.9 million shares respectively in a trade brokered by ABG Sundal Collier. The two vendors have an agreement with the bank not to sell any further shares until June 2015.

The acquisition was the first made through the GP's Altor Fund IV, a 2014-vintage €2bn vehicle.

Company
Spectrum is a provider of seismic services, such as seismic imaging, to the global oil and gas industry.

The Oslo-based company had revenues of NOK 1.29bn this year, with a net income of NOK 291m.

Founded in 1986 and listed on the Oslo Stock Exchange in 2008, it employs 156 staff.

People
Pål Stampe is a partner at Altor and Rune Eng is the CEO of Spectrum.

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