Nordic M&A News
March 14, 2018

- Denmark -

Jyske Bank makes 3.1b bid on competitor Nordjyske Bank (borsen)

Jyske Bank who currently owns a 38% stake are looking to take full control of Nordjyske Bank. The offer comes after they attempted to divest the stake in 2017 without success. The takeover plan becomes publicly known without any prior talks with Nordjyske’s board and makes the share price rise to DKK 166, just shy of DKK 170 pr. share offered by Jyske Bank.

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Orkla acquires Danish pizza restaurant chain Gorm’s (Borsen) 

Scandinavian food group Orkla has agreed to take a controlling 67% stake in the Danish pizza restaurant chain Gorm’s for an undisclosed sum. Oslo-based Orkla already provides pizzas to the Norwegian, Swedish and Finnish grocery sectors. Gorm's has a strategic prominent position and will create a new sales channel for Orkla on the Danish market. Gorm's had a turnover of DKK 48m and EBITDA of DKK 3m for the fiscal year ending June 2017. 

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- Sweden -

Ecolime signs Letter of Intent to acquire energy technology company (Dagens Industri)

Ecoclime has signed a LoI with the owners of an energy and control technology company. The undisclosed company is specialized in optimizing control and energy systems in real estate and has had an increase in sales over the last two years from SEK 2m in 2015 to SEK 12m in 2017, with a current order book that exceeds SEK 30m for 2018.  

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- Norway -

Brado AB acquires Frösunda Omsorg AB for NOK 1.25b (Dagens Naeringsliv)

It’s 10 years since the brothers Kristian and Roger Adolfsen first attempted to acquire Frosunda Omsorg AB. Frösunda Omsorg is one of the largest private actors in the care market in Sweden. “We are talking about a company with 8000 employees, SEK 2.8b in turnover and an operating profit of 120-130 million" says Kristian Adolfsen. The Adolfsen brothers' total turnover within care, which includes the company Norlandia, will after the acquisition amount to approximately NOK 8b on an annual basis where NOK 2b of this is in Norway.

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- Finland -

State of Finland acquires Nokia shares for over EUR 840m (Yle Uutiset)

Finland's state investment company, Solidium, has acquired a 3.3 % stake in Nokia at a cost of about EUR 844m making it the single largest shareholder in the telecom network equipment company. According to Solidium CEO Antti Makinen, Nokia's strong market position and its knowhow are basis for a rise in value. He also noted that in addition to being an attractive investment target, Nokia is also Finland's largest company.

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Prepared by Emil Tange Ohlsen