today announced Ica Group that it has acquired Altor-owned pharmacy heart. Along with Formica existing pharmacy chain Cura will Ica Group to own 30 percent of the Swedish pharmacy industry. But it was close to the deal did not go ahead.
According to Altor company was ready for an IPO of Pharmacy Cardiac and option existed up until last night.
– When we called in our Analysts and told us that we would implement the deal with Ica. Then we went over and wrote on, says Fredrik Power Holm, founder of Altor and partner in charge of the purchase, development and sale of Pharmacy Heart.
Private equity firm Altor had from the beginning an exit planes of Pharmacy Heart. After five years as an owner, it was time to sell. And according Strömholm weighed the stormy climate on the stock exchange in at Altor’s decision to sell to Ica group instead of the stock exchange.
– Sure, we had listed so we might have received more money over time. But it means a lower risk of selling everything. It would have been enough to Putin sends more troops to Ukraine on the wrong day to destroy the entire IPO, says Power Holm.
October was a tough month for the Exchange newcomers. Both nynoterade Inwido and Granges got some hard punches at the IPO. And last week searched the Danish oil shipping company OW Bunker for bankruptcy. Altor owned 35 percent of the company which was listed on the Copenhagen Stock Exchange in March. But according to current Holm has no events with OW Bunker influenced the decision to sell to an industrial owner instead of the stock market.
– In fact, there were other factors in early October that led to the deal, he says.
On Friday, Altor approved by the Exchange’s listing committee to list the Pharmacy Cardiac and as recently as last weekend looked Strömholm through what would become the final version of the prospectus for an IPO. While ICA had been clear that they want the deal done for the day of the company’s third quarter would be reported, that is today.
– In October came the advisers back. Our London Investors did not want to be part of an initial public offering of the heart. One can say that the value of an Ica options went up. And it was several weeks before the tragedy in Denmark came to light, says Power Holm.
Altor used the threat on a listing to their advantage in negotiations. The final price of 5.7 billion was not the first offer from Ica Group, according to Power Holm.
– We have planned an IPO in full force right up until Sunday morning. Last Friday, we received notice from the Listing Committee of the Stock Exchange of Cardiac approved for listing. Only yesterday we told the analysts that we do not intend to press the button, he says.
According to Per Strömberg, President of ICA Group was the threat of an IPO something forced a quick deal.
– We have looked at and followed the company for a long time. But of course, now the train went. It would have been a completely different challenge to buy out the company from the stock market than buying it before an IPO, he said.
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