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The case is being updated.
Swedish real estate company SBB will submit an offer of NOK 165 per share to buy the real estate group Entra.
Announce Enter a stock announcement on Tuesday morning.
The deal values Entra at NOK 30 billion. On the Oslo Stock Exchange, Entra has a market value of NOK 29 billion.
– We want to have Entra with us when we now create a leading European real estate company based in the Nordic region and have identified a number of potential synergies, both financial and operational, that will benefit all shareholders and other stakeholders, says Ilija, CEO of SBB Batljan in a message.
SBB is awaiting a recommendation from the Entra board and shareholders of the Norwegian company have the opportunity to accept the offer before the end of the year.
Entra’s share is up about eleven percent on the Oslo Stock Exchange, and so far Tuesday is the third-most-traded share behind hydrogen company Nel and Equinor.
During a digital conference, Batljan said he believes the acquisition will make the company more valuable.
– Look at the numbers and do the math, and you will see that the transaction creates fantastic value for the company, he said, adding:
– This is a very attractive and flexible offer for Entra shareholders.
30 trillion
The agreement means that SBB pays NOK 115.5 per share in cash and NOK 49.5 in new shares of SBB b. SBB’s share is currently listed on the Stockholm Stock Exchange.
In total, this means that NOK 21 billion will be paid as consideration in cash, while the issue of around 296 million SBB Class B shares will correspond to up to NOK 9 billion. In total, the offer is around NOK 30 billion.
Entra’s share will continue to trade on the Oslo Stock Exchange. Assuming 100 percent acceptance of the offer, current SBB shareholders will hold about 83.5 percent of the company’s total shares, and Entra shareholders will hold about 16.5 percent.
The offer represents a 26.3 percent premium compared to Entra’s three-month volume-weighted average price on Nov. 23.
The listed Entra Group, which was previously state-owned, now has the Ministry of Commerce and Industry as the second largest owner. The Ministry owns 8.23 percent of the shares, while Folketrygdfondet is the largest owner with 8.8 percent. Entra Group has a strong economy, and in the last five years it has raised more than NOK 18 billion before taxes.
He was taken
SBB was one of the candidates for the purchase. First manager Thomas Nielsen pointed out as a possible bidder.
– The Swedish SBB is perhaps the most relevant buyer. They have been aggressive in acquisitions, as public tenants and have expressed that they want to do more in Norway, he told DN early Tuesday.
SBB describes itself as ‘the leading social infrastructure real estate company in the Nordic region’, with experience in managing rental properties in collaboration with Nordic municipalities.
SBB CEO Batljan highlighted that this was just the beginning of the company’s growth plans:
– We will build the largest player in social infrastructure in Europe, and size is important.(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.
