Latest news with #FirstKraft
Wall Street Journal
31-03-2025
- Business
- Wall Street Journal
EQT Consortium Makes Bid for Fortnox, Valuing it at $5.5 Billion
STOCKHOLM–Swedish buyout group EQT and investor First Kraft offered to buy Fortnox in a deal that values the cloud-based accounting software developer at around $5.5 billion. First Kraft currently owns 18.9% of Fortnox and will contribute the shares to a consortium it has formed with EQT, as they jointly bid to buy the remaining shares in the company.
Yahoo
31-03-2025
- Business
- Yahoo
EQT Consortium Makes $4.5 Billion Offer for Sweden's Fortnox
(Bloomberg) -- A consortium including funds managed by EQT AB offered to take Swedish financial services firm Fortnox AB private in a deal valued at 44.5 billion kronor ($4.5 billion). Gold-Rush Fever Returns to Historic New Zealand Mining Town What Frank Lloyd Wright Learned From the Desert Bank Regulators Fight for Desks as OCC Returns to New York Tower These US Bridges Face High Risk of Catastrophic Ship Strikes Charter Schools, Colleges Push Muni Debt Distress Near Record The offer price for Fortnox, which provides companies with cloud-based products such as payroll and accounting services, equates to 90 kronor per share in cash, representing a 38% premium compared to the group's closing price on March 28, according to a statement on Monday. 'Fortnox has done a great job expanding but the company is at a critical point where it needs to further invest for the long term,' EQT Partner Christian Andersen said by phone. The bidding consortium jointly comprises First Kraft AB, which is wholly owned by Olof Hallrup, the largest shareholder in Fortnox and the company's chairman. The two entities said they have agreed to cooperate on an exclusive basis and that First Kraft won't accept any competing offer. The board of directors of Fortnox unanimously recommended that the shareholders of the company accept the offer by EQT and First Kraft. With this transaction, EQT X is expected to be 50% to 55% invested, according to the statement. The fund closed at €22 billion approximately 12 months ago, making it the Swedish private equity firm's largest ever. Speaking about the fund's strategy, Andersen noted that 'Fortnox fits all three sweet spots in terms of it being the home market of Sweden, the tech sector and the amount of capital invested.' (Updates with interview comments.) Trump's IRS Cuts Are Tempting Taxpayers to Cheat Google Is Searching for an Answer to ChatGPT Israel Aims to Be the World's Arms Dealer Business Schools Are Back How a US Maker of Rat-Proof Trash Bins Got Boxed in by Trump's Tariffs ©2025 Bloomberg L.P. Sign in to access your portfolio
