Norva24 Embraces a New Era with Apax Partners Takeover
Deal News | Mar 10, 2025 | White & Case
Global law firm White & Case LLP has advised Norva24 Group AB, a northern European leader in the underground infrastructure maintenance industry, on its public takeover by Apax Partners LLP. The transaction values Norva24 at approximately US$700 million, with shareholders set to receive SEK 36.5 in cash per share. Under the leadership of partners Shoan Panahi and Johan Thiman, White & Case successfully navigated the complex cross-border deal, demonstrating the firm's expertise in public takeovers. Apax Partners, a London-based global private equity giant with investments across various sectors, orchestrated the acquisition through its vehicle, Nordahl Bidco AB. This strategic acquisition marks a transformative period for Norva24, which operates in multiple countries including Norway, Germany, Sweden, and Denmark.
Sectors
- Underground Infrastructure Maintenance
- Private Equity
- Legal Advisory
Geography
- Sweden – Home country of Norva24 and the location of key legal advisory by White & Case.
- United Kingdom – Headquarters of Apax Partners, the firm acquiring Norva24.
- Norway, Germany, Denmark – Countries where Norva24 operates over 80 branches.
Industry
- Underground Infrastructure Maintenance – Norva24 operates in this industry, providing essential services such as emptying services, pressure flushing, and pipe services.
- Private Equity – Apax Partners is a leading private equity firm involved in the acquisition of Norva24.
- Legal Advisory – White & Case LLP's involvement as the legal advisor in the takeover process.
Financials
- SEK 36.5 per share – The cash offer per share to Norva24's shareholders.
- Approximately US$700 million – The total valuation of Norva24 in the takeover deal.
- More than US$65 billion – Aggregate commitments raised and advised by Apax Partners.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Norva24 Group AB | Target | Company | Leading northern European player in the underground infrastructure maintenance industry. |
| Apax Partners LLP | Bidding Company | Company | London-headquartered global private equity firm acquiring Norva24. |
| Nordahl Bidco AB | Bidding Company | Company | A vehicle used by Apax Partners for the acquisition. |
| White & Case LLP | Legal Advisor | Company | Global law firm advising Norva24 on the takeover. |
| Shoan Panahi | White & Case Partner | Person | Led White & Case's deal team for this takeover. |
| Johan Thiman | White & Case Partner | Person | Co-led White & Case's deal team. |