Apax Offers $600 Million to Buy Norwegian IT Provider EvryAdam Ewing
Apax Partners, one of Europe’s largest private-equity firms, offered to buy Norwegian information-technology services provider Evry ASA for 4.27 billion kroner ($600 million).
The buyout group, based in London, offered 16 kroner for each outstanding share, Evry said in a statement today. The service provider’s board has unanimously recommended shareholders accept the offer, and owners representing about 74 percent of the shares have agreed to it. Evry shares closed at 17.2 kroner in Oslo trading on Dec. 5.
Oslo-based Evry, which is owned 70 percent by Norway Post AS and carrier Telenor ASA, said in August it would explore strategic opportunities. Sales during the third quarter were 2.89 billion kroner, 1.7 percent higher than the year-earlier period. Net income slipped to 77 million kroner from 152 million kroner. The decline of investments in the oil industry is impacting the IT market, Evry said on Oct. 31.
Apax said it’s purchase would help Evry accelerate its strategy and pursue merger and acquisition opportunities.
ABG Sundal Collier Holding ASA was the financial adviser to Evry, while Bank of America Merrill Lynch and DNB ASA advised Apax, according to the statement.