Oceanwood has entered into a sale and purchase agreement to buy the entire issued share capital of Norske Skog AS.
Following a four-month competitive auction process, in which more than 100 prospective bidders were approached, Oceanwood emerged as the winning bidder by offering the highest value in cash for the shares and the intercompany loans.
The acquisition is subject to Oceanwood obtaining the relevant antitrust and other regulatory approvals in the countries concerned, including Australia and New Zealand, which is currently anticipated to take between four and six months to obtain.
Sven Ombudstvedt, the chairman of the board of Norske Skog AS, says: “This is one of the most important milestones for the Norske Skog Group in recent years. It concludes almost two years of relentless efforts and engagement to address the Norske Skog Group’s excessively levered capital structure. Oceanwood’s decision to acquire a majority position in the secured bond and subsequently the decision to initiate a sales process proved to be the key to resolving the stalemate that was threatening the future of the operating business.”
Oceanwood is an independent investment management firm founded in 2006.
Leave a Reply