Nordic M&A News
April 5, 2018

- Denmark -

A wide majority are ready to sell out of TV2 (Borsen)

40 percent of TV2 will be put up for sale, in addition, TV2 will save 2 percent every year for five years, announces TV2 News. Already in mid-March, the government and Dansk Folkeparti presented the economic framework for the media settlement. But an EU decision in a pending case with TV2 could put an end to the government's ambition for a total sale of TV2. According to TV2, EU has accepted selling 40 percent, but the government plans to sell the entire TV 2 over time, which today is a state-owned public service institution. The Minister of Culture appointed a new board of directors for TV2 before Easter. Its stated goal is to make TV2 ready for a sale.


Industriens Pension exceeds 100 percent return on green investments (Borsen)

Industriens Pension disinvestment in solar and wind energy for DKK 1.2bn in a number of Asian countries resulting in more than 100 percent return. "Japan's energy supply is undergoing rapid change, and our Japanese energy investments have made a great return. The solar parks have played a significant role in Japan's desire to invest more in renewable energy sources after the Fukushima accident," says Jan Østergaard, Head of Unlisted Investments at Industriens Pension. In addition to the successful investments in Japan, there are a number of divestments of solar and wind energy investments in Thailand, the Philippines and India.


Goldman Sachs and Altor show loss in joint investment (Borsen)

Hamlet Protein show loss of DKK 19m after taxes, just two years after it was bought by Goldman Sachs and Altor. It was bought from Polaris and Founder Ole K. Hansen with a surplus of DKK 15m after taxes. "We still believe in Hamlet Protein as a growth case. Of course, we did not expect when we invested with Goldman Sachs on the adversity that has been in the market. But the fundamental things in the company are in place," says Søren Johansen, Partner in Altor.


- Sweden -

Inwido acquires Nordic E-commerce group (Vafinans)

The window manufacturer Inwido has now completed the acquisition of the Nordic e-commerce group, Bedst & Billigst. Inwido acquires 100 percent of the shares. The acquisition will be a minor part of the Inwido Group and will have a positive effect on Inwido's earnings per share in 2018. The purchase is financed through new bank loans. Best & Billigst was founded in 2002 and today consists of four brands, 100 employees, and had a turnover of SEK 135m in 2017.


Patricia Industries acquires distributor of healthcare products (Vafinans)

Patricia Industries, part of Investor Investment Company, announced on March 12 the acquisition of US Sarnova Holdings, a specialist distributor of healthcare products. Sellers are Water Street Healthcare Partners and Sarnova's founder Matthew D. Walter. The acquisition has now been completed following approval from the competition authorities, according to a press release. The purchase price is USD 903m on a debt-free basis. Sarnova had a turnover of USD 555m in 2007, with an operating margin before depreciation of 12 percent. The company has had annual organic growth of 6 percent since 2012.


- Norway -

Argentum with billion gains in Spotify (Dagens Naeringsliv)

The state-owned investment company Argentum owns 23.37 percent of Northzone’s Fund Northzone V and 12.20 percent of Creandum’s Fund Creandum II. These funds have remaining shares in Spotify. Argentum announced Wednesday that the unrealized gain in Spotify is around NOK 1bn, but believes that Spotify is still a growth case. Managing Director Joachim Høegh-Krohn of Argentum is very pleased with the investment. He says “Spotify was a scapegoat at the beginning but has become an example of a redefinition of an industry. When the music sales on CD were bursting, the company entered and organized music sales in a new way. Streaming is now the most important source of income for American artists outside concerts”


- Finland -

No news to report


Prepared by Oliver Jacobsen