DENMARK/SWITZERLAND - Blackstone-backed Nycomed bids for EUR 4.5bn Solvay

Nordic Capital and Blackstone acquired Swiss-based Nycomed in a EUR 1.8bn leverage buyout in May 2005. The company was acquired from a group of investors led by DLJ Merchant Banking, part of Credit Suisse First Boston's Alternative Capital Division. Blackstone was a minority investor in the exiting syndicate.

At the time of the deal, the company was based in Denmark and was the region's first 'tertiary buyout'. The transaction financing included the issuance of approximately EUR 400m PIK notes.

Nordic Capital originally acquired Nycomed for approximately EUR 550bn in 1999, providing EUR 120m of expansion capital in mid-2001. In November 2002, DLJ and Blackstone, together with a group of investors including AlpInvest (previously NIB Capital Private Equity), acquired 100% of the shares in the business.

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• Topics
• Buyouts
• Nordics
• DACH