EQT, First Kraft make offer for Fortnox, valuing it at $5.5 billion
COPENHAGEN (Reuters) - Sweden’s Fortnox said on Monday its largest owner First Kraft and private equity group EQT (ST:EQTAB) had made a joint cash offer for the accounting software firm, valuing it at around 55 billion crowns ($5.51 billion).
Fortnox’s board of directors unanimously recommended to shareholders to accept the offer, it said in a statement.
The offer price of 90 crowns per share represents a premium of 38% compared with its closing share price on March 28.
"EQT wants to support Fortnox’s continued development, which will require significant and long-term investments in product development and potential M&A initiatives that involve operational and financial risks," EQT said in a separate statement.
($1 = 9.9856 Swedish crowns)
