The American private equity company Bain Capital, Antti Herlin and the Ehrnrooth family want to buy the real estate technology company Caverion off the Helsinki Stock Exchange.
American-Finnish a group of investors has made a cash purchase offer of almost one billion euros for the real estate technology company Caverion.
Caverion’s board of directors recommends that the company’s shareholders accept the purchase offer. The company tells about the purchase offer in its press release.
The investor group’s company called North Holdings 3 offers Caverion’s shareholders EUR 7.00 in cash for each company share. In total, the purchase offer is approximately EUR 955.3 million.
The offer consideration includes a premium, which is about 49.3 percent more than the closing price of Caverion’s share on Wednesday on the Helsinki Stock Exchange.
The investor group that made the purchase offer includes the US private equity firm Bain Capital, Antti Herlinin the family’s investment company Security Trading as well as Ehrnrooth family investment companies Fennogens and Corbis.
Security Trading, Fennogens and Corbis are currently significant shareholders of Caverion. Security Trading owns about 15 percent of Caverion, Fennogens about 10 percent and Corbis about a good one percent.
Caverion’s shareholders, the employment pension companies Elo, Ilmarinen and Varma, and the life insurance company Mandatum have committed to accept the purchase offer. They own more than 15 percent of Caverion in total.
Investor group believes that private ownership will allow Caverion to reach its “full potential”. The group believes that private ownership would allow Caverion’s management to focus on long-term value creation without having to consider short-term market fluctuations.
The investor group states that the realization of the purchase offer would not have significant immediate effects on Caverion’s business or the position of management or employees.
If the purchase offer is realized, Bain Capital would own about 73 percent of Caverion, Security Trading about 15 percent, Fennogens about ten percent and Corbis about one percent.
Caverion is listed on the Helsinki Stock Exchange and operates in Northern and Central Europe. Caverion employs more than 14,000 employees in ten countries.
Bain Capital is a large global private equity firm that manages approximately US$160 billion in assets. The company was also involved in delisting the fiber material manufacturer Ahlstrom-Munksjö from the Helsinki Stock Exchange last year.
Between 2012 and 2015, Bain Capital owned Caverion’s competitor, Swedish Bravida. Bravida was listed on the Stockholm Stock Exchange in 2015.
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