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Overview: Expect Increase in Private M&A Transactions in 2019 

by Christoffer Bjerknes, Henning vreb, Mathias M. Teir

Published: December, 2018

Submission: January, 2019

 



Despite a positive and active start in H12018 with high M&A activity in the Norwegian market, the total number of completed deals in Norway in 2018 will be significantly lower than in 2017.


YTD it has been registered 248 completed deals in Norway compared to 346 in 2017 (full year).


Even though the Norwegian M&A activity level experienced a decline in 2018 and the fact that the global economy is a bit more uncertain moving into 2019, we have seen a build-up of transactions coming to market in H12019.


In addition to attractive targets being put on sale, investors have easy access to cash and several sponsors are in the need of deploying funds into the market. In conclusion, the market outlook for 2019 seems quite promising to us.


Some highlights from our practice in H22018:


  • Announced mid-July and closed on 15 October 2018, with a deal value of NOK 21 billion (EUR 2.2 bn.) Telia Company's acquisition of Get/TDC Norge from TDC Denmark remains one of the largest transactions in Norway in 2018. The acquisition leads to the formation of a leading digital challenger in the Norwegian market. SVW assisted Telia in all aspects of the transaction, including negotiations, diligence and the merger filing process before the Norwegian Competition Authority (NCA). The NCA cleared the deal in 'phase I,' and the NCA scrutinized non-coordinated, coordinated and conglomerate effects of the merger pre- and post-notification.
  • The sale of Aerospace Industrial Maintenance Norway AS from the Norwegian state represented by the Norwegian Ministry of Defence to Kongsberg Defence & Aerospace AS and Patria ISP Oy. Aerospace Industrial Maintenance Norway AS is the Norwegian armed force’s business for maintenance, overhaul and upgrade of the Air Force’s aircraft and helicopters. Together with Bird & Bird, SVW assisted Patria in the acquisition.
  • The sale of a majority stake in Mnemonic AS to Ferd AS. Ferd acquired 60% of Mnemonic and then sold a third of those shares to the employees, effectively leaving Ferd with a 40% stake of Mnemonic. SVW assisted the employees in the negotiations with Ferd.
  • SVW advised AquaShip AS its acquisition of Artic Shipping AS, one of the largest players in the segment of shipping of fish feed. Arctic Shipping AS has five self-discharging vessels operating on TC contracts with EWOS. SVW assisted AquaShip AS in all aspects of the transaction, including diligence, negotiations and advise related to debt capital acquisition financing.
  • Verdane Edda has invested in HR Manager Holding AS and Webcruiter AS, two leading suppliers of cloud-based HR and recruitment systems. The companies will be merged to create a leading Nordic platform for talent recruitment and development. SVW assisted the sellers of HR Manager Holding AS to Verdane.
  • SVW assisted Idium AS and the majority of its shareholders in the sale of Idium to Kistefos-backed 1881 Group. Idium is both a media agency and a total supplier of digital marketing services and the acquisition will make 1881 Group Norway's largest business website provider.

 



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