Nordic M&A News
March 22, 2018

- Denmark -

DKA Capital pays-back three-digit compensation to EQT for the acquisition of Tia Technology (Borsen)

EQT paid around DKK 500m in 2014 for the IT company Tia Technology, which at the time was a well-oiled machine. EQT later felt cheated by the seller, the capital fund DKA Capital, who now has to pay a three-digit compensation. “We are pleased that the arbitration tribunal has agreed and that the case is now closed” says Rikke Kjær Nielsen, partner in EQT and responsible for the acquisition of Tia. Both EQT and DKA Capital are extremely secretive when it comes to details regarding the acquisition. But several sources says that EQT has attacked DKA Capital for selling a piece of software that was not finished and therefore useless to Tia's customers.

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Bestseller-owner in new seed-fund (Borsen)

The investment company Heartland and Novi Innovation, which focuses on technology entrepreneurs, establishes the new seed fund Investo Capital, writes Investo Capital in a press release. Heartland is Bestseller-owners Anders Holch Povlsen’s own investment company which has shares in Whiteaway.com, Stylepit and Nemlig.com. The new fund will focus on entrepreneurs in technology and technology for the welfare and health sector. Both Heartland and Novi Innovation have initially added DKK 50m.

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Verdance Capital plans to invest DKK 1b over the next three years (Borsen)

Verdane establishes its own office at Rådhuspladsen in Copenhagen, where Martin Welna, who has previously been in Polaris and has recently held senior positions in Ørsted, will be the director. With a new fund, Verdane Capital is going to invest in companies that are too big for venture funds and too small for traditional acquisition funds. The new fund, Verdane Edda, is at DKK 2.2b and can invest up to DKK 400 per company. "Over the next three years we have the ambition to invest DKK 1b in the Danish market" says Bjarne Lie, CEO of Verdane.

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- Sweden -

The Stockholm-based Fintech company Lysa reveals its investors (Realtid)

The Stockholm-based fintech company Lysa launched a fully digital and automated investment service at the beginning of April. Now the startup tells who, in addition to the founders, is a partner in the company. From a press release on Thursday it appears that Ernström & Co led the new share issue of SEK 20 million that the company implemented in 2016. "I'm convinced that Lysa stands for is the future. We have previously seen other industries digitized and now the asset management industry's turn" comments Fabian Hielte, CEO of Ernström & CO.

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- Norway -

Idékapital collects NOK 522m to invest in Norwegian technology companies (Dagens Naeringsliv)

New Norwegian fund, Idékapital Fund 1, collects NOK 522 million to invest in Norwegian technology companies that have businesses, not consumers as customers. Among the investors are Oslo Pensjonsforsikring, Gjensidigstiftelsen, Formuesforvaltning, Kristian Siem, Lundh's Labrador Export, Jan Haudemann-Andersen and Magnus Carlsen. The fund plans to Invest between NOK 30m and 100m in each company and has already invested in the Norwegian technology companies Wheel.me and Mixmovematch.

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Telenor has signed an agreement to sell the businesses in Central and Eastern Europe to PPF Group (Hegnar)

According to a notice, Telenor has signed an agreement to sell the businesses in Central and Eastern Europe to PPF Group for NOK 27b in company value. The transaction includes Telenor's mobile companies in Hungary, Bulgaria, Montenegro and Serbia, as well as service provider Telenor Common Operation. These businesses contributed approximately NOK 11.8b or nine percent of Telenor Group's revenues and NOK 4.1b, or eight percent of the Group's EBITDA in 2017.

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- Finland -

No news to report

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Prepared by Oliver Jacobsen