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The Torghatten Transport Group for over 100 years can get new owners. Acquisition fund EQT announces a cash offering for the company on Wednesday, with the aviation business separated.
EQT puts on the table NOK 175 per share, which puts the company without aircraft at NOK 7.26 billion.
Torghatten is, among other things, the largest owner of the airline Widerøe, Norgesbuss and several ferry lines. The group has an annual turnover of around NOK 10 billion and around 7,000 employees.
EQT has reached an agreement with the largest shareholders, who represent 53.62 percent of the ownership, and the company’s board of directors unanimously recommends that the rest accept the offer.
EQT plans to separate WF Holding (which owns 66 percent of Widerøe) and distribute the shares to current Torghatten shareholders.
These are valued at NOK 17 each, giving a total current Torghatten valuation of NOK 8.58 billion or NOK 192 per share. Therefore, Trollhatten is offering 14% more per share than the last listed listing price on the NOTC platform of the Oslo Stock Exchange.
– Since the first EQT consultation, we have had a dialogue with various stakeholders, but the EQT offer seems to be the best alternative for the owners and for Torghatten. The board is confident that EQT will further develop the company and businesses in a good way. EQT Infrastructure wants to be an active owner in Torghatten and will offer the EQT resources, expertise and network to contribute to further profitable growth. EQT has also stated that they have no plans to move the Torghatten head office or change the company name, President Brynjar Forbergskog says in a press release. (Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases via a link, which leads directly to our pages. Copying or other use of all or part of the content can only be done with written permission or as permitted by law. For more terms, see here.
