Mergers and Acquisitions
Our mergers and acquisitions (M&A) team provides expert legal advice and guidance to both Nordic/international private equity funds and industrial companies seeking to conduct transactions in Norway.
Our team has a solid understanding of our clients' commercial needs and combine top-tier transaction expertise with specialist knowledge areas across core sectors such as renewable energy, technology, finance, fisheries and aquaculture, oil and gas, and retail. We strive to be strategic advisors to our clients and to actively contribute to all phases of a transaction, from planning to execution. Throughout the process, accessibility and efficiency are key parameters for us.
Due to our international presence and close contacts globally, we are able to offer tailored advice in international transactions when needed.
Our Tier 1-ranking in renowned rating agencies such as Chambers & Partners, Legal 500 and IFLR (International Financial Law Review) is a testament to our commitment to excellence in providing outstanding legal advice to our clients.
Our M&A group provides a broad range of services, including:
- Project management and strategy ("legal lead")
- Tax and structuring
- Due diligence (buyer/seller)
- Exit strategies (private/listed), transaction agreements in bilateral and auction processes, national and international acquisitions, including financing
- Investments and co-investments
- Refinancing and reorganisations
- Assessments of regulatory approvals in relation to, among other things, competition and Foreign Direct Investment (FDI)
Wikborg Rein assisted the Telenor group in its sale of a minority stake of Telenor Norge AS' passive fibre infrastructure to a consortium of KKR and Oslo Pensjonsforsikring.
The transactions were carried out in two steps, the passive fibre infrastructure will first be demerged into Telenor Fiber AS, and then 30% of the shares of Telenor Fiber AS will be sold to the consortium, based on a total equity valuation of NOK 36.1 billion. Telenor Networks Holding will hold the remaining 70% majority stake. In addition to showcasing the value of Telenor's infrastructure to investors, the transaction will release capital to support Telenor's future investment in new fibre infrastructure.
The core team at Wikborg Rein consisted of Madeleine Østenstad, Alexander Bernhard Wintervold, Cecilie Andersen Haadem, Hanne Camilla Zimmer, Anders Myklebust, Caroline Landsværk and Ole Henrik Wille as responsible partner.
|2022||EcoOnline Holding AS||NOK 3.77bn|
Wikborg Rein assisted EcoOnline Holding AS ("EcoOnline"), a company listed on Euronext Growth, in connection with the launch of a recommended offer to acquire all the outstanding shares in EcoOnline by Erling Bidco AS, a company indirectly wholly owned by funds advised by Apax Partners LLP.
The offer implies an offer price per share of NOK 22.75, valuing the company at NOK 3,768 billion.
The Wikborg Rein core team comprised Sigurd Opedal, Per Anders Sæhle and Ingrid Aasa Haavaldsen.
Wikborg Rein has assisted Altor Fund V (No 1) AB and Altor Fund V (No 2) AB with the contemplated investment in Vianode AS alongside Elkem and Hydro in a strategic partnership. After the investment, each of Altor and Hydro will have an ownership stake of 30 % and Elkem will own the remaining 40 %.
Vianode has developed a range of synthetic graphite products for batteries with unique performance characteristics and produced with significantly lower CO2 emissions than today’s standard materials. The company is currently in a business development phase, and the investments from Altor, Hydro and Elkem are the first step towards establishing the company's first full-scale plant for commercial purposes.
Wikborg Rein's core M&A team comprised of Sigurd Opedal and Cecilie Andersen Haadem.
Wikborg Rein assisted Octopus Bidco AS, a company indirectly wholly owned by funds advised by Kohlberg Kravis Roberts & Co. L.P. and its affiliates ("KKR") in the launch of a recommended voluntary cash offer to acquire all outstanding shares of Oslo Stock Exchange-listed ship owning company Ocean Yield ASA ("Ocean Yield").
A cash consideration of NOK 41.00 was offered per share (subject to certain adjustments) and implies a total consideration and valuation of Ocean Yield of approximately NOK 7.2 billion.
KKR is a leading global investment firm with approximately USD 429 billion in assets under management as of June 2021 and has a 45-year history of leadership, innovation and investment excellence. In the past 15 years, KKR has grown by expanding its geographical presence and building businesses in new sectors, such as credit, special situations, equity strategies, hedge fund solutions, capital markets, infrastructure, energy and real estate.
The Wikborg Rein core team comprised Ole Henrik Wille, Dag Erik Rasmussen, Mads Ødeskaug and Ingrid Aasa Haavaldsen.
Wikborg Rein assisted Nordic Capital in its acquisition of 100% of the shares in Signicat AS.
Signicat was acquired from Secure Identity Holding AS and other shareholders. Viking Venture III AS, Signicat's other major shareholder, will re-invest all proceeds and continue as a minority owner, together with employee shareholders and with Nordic Capital as the majority owner.
Founded in Trondheim, Norway in 2007, Signicat leads innovation in verified digital identity solutions, reducing risk while providing a smart and intuitive user experience. Its solutions enable companies and institutions, both in regulated and non-regulated industries, to offer efficient and user-friendly advanced online authentication, identification verification and electronic signature solutions.
Wikborg Reins core deal team consisted of Sigurd Opedal, Ingeborg V Aavatsmark, Jonathan Kjerschow, Cecilie Andersen Haadem, Henrik Biørnstad, Rolf Riisnæs, Hanna Beyer Olaussen, Karoline Digre Sandvik and Gry Hvidsten.
|2018||Antin Infrastructure Partners||Undisclosed|
Wikborg Rein assisted Antin Infrastructure Partners with the acquisition of Sølvtrans.
Sølvtrans is the global leader in live fish logistics for the aquaculture industry, with 21 wellboats currently in operation and 4 under construction. It is the only global wellboat operator with an interest in all key salmon farming markets, including Norway, Scotland, Chile and Australia. The transaction represents one of the largest transactions in Norway this year and one of the largest transactions ever completed in the aquaculture service industry.
Wikborg Rein assisted with all parts of the deal, including but not limited to the due diligence, tax, financing, transaction agreements, MIP, etc.
The Wikborg Rein core team consisted of Andreas Kjensli Lund, Are Zachariassen, Cecilie Andersen Haadem, Erik Staurset Andersen, Grunde Bruland, Geir Ove Røberg, Jonathan Kjerschow, Karoline Digre Sandvik, Maria Heiberg Løvik, Tor Henning Rustan Knudsen, Vilde Juliussen, Vegard Thunes Jørgensen, Baptiste Weijburg, Lesley Tan, Birgitte Karlsen and Ole Henrik Wille.
|2018||FSN Capital||NOK 2,067m|
Wikborg Rein assisted FSN Capital V in a recommended voluntary cash offer to acquire all the shares of Saferoad Holding ASA.
Wikborg Rein acted as lead counsel for FSN and assisted with due diligence, drafting and negotiation of agreements with (inter alia) the target company, the largest shareholder and key management, a warranty insurance scheme, the financing of the transaction and merger filing. The offer values the equity of Saferoad at NOK 2,067m.
Saferoad Holding ASA is a leading road safety and road infrastructure solutions provider in Northern, Central and Eastern Europe. They design, manufacture and deliver products and solutions that improve road safety and road infrastructure standards.
The Wikborg Rein team on corporate matters consisted of Karoline Stock Evje, Christian Emil Petersen, Jonathan Kjerschow, Espen Furuholt, Per Anders Sæhle and Sigurd Opedal. Assistance on the financing was led by Johan Rasmussen, while merger filing work was done by Stuart Stock and Mads Magnussen. Several other lawyers have been involved in due diligence and other workstreams.
Read our articles on Mergers and Acquisitions
WR assisted Gersemi Asset Management with investment firm license
We are proud to announce that we have assisted Gersemi Asset Management AS with obtaining its licence as an investment firm. Gersemi Asset Management is founded and led by Joakim Hannisdahl. Hannisdahl has been ranked the number one shipping equity analyst globally by Bloomberg for several consecutive years.
Wikborg Rein assisting Viking Venture with its investment in Onix AS
We are proud to announce that we have assisted Viking Venture AS and Viking Venture 30 AS in connection with an investment in Onix AS, a SaaS company based in Stavanger. Onix' business model is to develop and sell software solutions for equipment owners, inspectors and suppliers.
Proposed amendments to the Norwegian Security Act – expansion of the FDI rules
On Friday 31 March, the Government submitted a bill proposing amendments to the Norwegian Security Act. The proposed changes may mean that far more transactions will be subject to FDI screening, and changes in the procedural rules may have a major impact on deals, not least with respect to deal timetable.