Danish payments processor Nets has received a DKK33.07bn ($5.3bn) takeover offer from a consortium led by American buyout firm Hellman & Friedman.
The offer of DKK165 per share represents a 27% premium to Nets’ closing share price of DKK129.5 on 30 June 2017.
In response to speculation in the media, Nets on 1 July 2017 confirmed that it had drawn interest from potential buyers.
Board of Directors of Nets has recommended the shareholders accept the offer. The deal is said to be the largest European leveraged buyout in almost five years.
For the deal, Hellman & Friedman has joined forces with Singapore wealth fund GIC and funds managed by Advent International, Bain Capital, who are major shareholders in Nets.
Hellman & Friedman intends to delist the firm from Nasdaq Copenhagen.
Hellman & Friedman managing director Stefan Gotz commented: “At Hellman & Friedman we are highly experienced in investing in dynamic and fast-moving industries. Our flexible and long-term capital, growth focus and sector expertise are assets that we believe will help Nets remain competitive in this increasingly challenging and consolidating environment.
“Our all-cash offer represents an attractive premium for Nets shareholders at a time when the business is facing uncertainties which will require significant investments better addressed in a private environment. We are delighted that the Board of Directors has agreed to recommend our Offer.”