SWEDEN - EQT leads SEK 9.6bn take-private of Securitas Direct

ESML Interessenter AB, jointly owned by EQT V, Säkl AB, Melker Schörling AB (MSAB) and Investment AB Latour, has made a public cash offer of Securitas Direct AB, a Swedish security services company. The shareholders of the company have been offered SEK 26 per share for each series-B share, a 40.6% premium to the volume-weighted average closing price over the past three months, ending November 12. The A-shares are not listed and are solely owned by Säkl, MSAB and Latour, and currently they hold 15.5% of the shares, and 40.5% of the voting rights in the company. If the bid is accepted, all the A and B shares will be transferred to ESML Interessenter. The acceptance period spans from November 2007 to January 2008. The offer values the share capital of the company at approximately SEK 9.6bn. The new owners will initiate significant restructuring initiatives that are easier to implement on a privately-held company. Harry Klagsbrun, senior partner of EQT released the following statement in connection with the offer: “We have followed Securitas Direct for a long time and are impressed by the company’s position in a growing market. Together with the continuity which the current main owners represent we will accelerate the company’s growth in existing and new markets, which will require substantial capital investments."