PRIVATE equity funds advised by Apax Partners have agreed to buy Norwegian technology firm Evry in a deal valuing the shares at 4.27bn Norwegian kroner (£380m).
Evry’s board of directors unanimously recommended the 16 crowns per share offer and Apax has already secured the acceptance for more than 70 per cent of the shares, it emerged yesterday.
Evry, one of the largest IT companies in the Nordics, will continue to be headquartered in Norway and will maintain the integrity of its brand, the company said in a statement yesterday. Arve Johansen, chairman of the board at Evry, added: “The board believe that the offer safeguards the interests of all of Evry’s stakeholders and are confident that the Apax fund is a solid new owner for Evry.
“The offer delivers a considerable cash premium to our shareholders and the board considers the offer price to recognise the strategic value of Evry.”
Chief executive Terje Mjøs added that the Apax deal strengthens the appeal of the IT industry in Norway to external investors and will serve to accelerate and expand the business in years to come. The deal was prompted by falling oil prices across the world, which have had an impact on investments in the industry and a knock-on effect on the IT world. In the third quarter, net income dropped to 77m kroner from 152m previously.
Apax, the London-based private-equity firm, used Bank of America Merrill Lynch and DNB as advisors on the deal, while Evry plumped for ABG Sundal Collier Holding.