Altor takes 25% stake in Skandiabanken for NOK 1.2bn

Altor acquired the block of 26.6 million shares from Nordic insurance and financial services group Livförsäkringsbolaget Skandia (Skandia) for NOK 46 per share. Skandia had listed the bank on the Oslo Stock Exchange on 2 November 2015 and had agreed to a lockup period of 180 days from that date. However, the agreement was waived when Altor agreed to see out the remainder of the lockup period for those shares.

The activist-style investment sees Altor tap its 2014-vintage €2bn Altor IV vehicle, which has a remit to commit up to 20% of the fund's capital to public minority investments.

Skandiabanken is the latest public minority investment made by Altor, which has previously taken stakes of around 25% in Swedish customer relationship management and debt company Transcom Worldwide, and Norwegian seismic services company Spectrum.

Altor's investment in Skandiabanken is the GP's second April investment, having acquired Dutch IT reseller Infotheek in the beginning of the month.

Company
Skandiabanken is a Norwegian online-only bank founded in 2000. It is consumer-focused and was wholly owned by financial services group Skandia until the bank was floated on Oslo Stock Exchange in November 2015.

Based in Bergen, Skandiabanken employs a staff of 290 and has total assets of NOK 65bn.

People
Altor – Hugo Maurstad (partner).
Skandia – Marek Rydén (CFO).

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