Svitzer Gains Voluntary Purchase Offer from APMH Invest
Deal News | Apr 02, 2025 | Globenewswire
APMH Invest A/S, through its wholly owned subsidiary APMH Invest A/S (APMHI), has made an all-cash voluntary recommended purchase offer to acquire all issued and outstanding shares of Svitzer Group A/S, excluding treasury shares and those held by APMHI. Currently holding 47% of Svitzer's shares, APMHI offers DKK 285 per share, valuing the company at approximately DKK 9 billion. This offer represents a significant premium over recent trading prices and has received backing from major shareholders, including the Family Foundation and the Relief Foundation, which collectively support approximately 61% of Svitzer's capital. The offer, if successful, includes plans for delisting from Nasdaq Copenhagen, maintaining current management, and no significant changes for employees. The offer is pending regulatory review and is expected to complete by early May 2025.
Sectors
- Marine Transportation
- Private Equity
Geography
- Denmark – Both Svitzer and APMHI are based in Denmark, and the transaction follows Danish legal frameworks.
- Global – Svitzer operates in 143 ports across 37 countries, highlighting its global business operations.
Industry
- Marine Transportation – Svitzer operates in the marine transportation industry, providing critical tugboat services to maneuver large vessels in ports and terminals globally.
- Private Equity – APMH's involvement represents an investment and strategic ownership within the private equity sector, as it aims to acquire full ownership of Svitzer.
Financials
- DKK 285 per share – The offer price per Svitzer share, subject to dividend adjustments.
- DKK 9.0 billion – Total valuation of Svitzer at the offered share price.
- 31.7% – Premium compared to the closing share price on Nasdaq Copenhagen on 1 April 2025.
- 31.3% – Premium compared to the volume-weighted average share price from 2 January to 1 April 2025.
- 42.5% – Premium compared to the opening share price on the first trading day in 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| APMHI Invest A/S | Bidding Company | Company | Wholly owned subsidiary of A.P. Moller Holding A/S, making the purchase offer. |
| Svitzer Group A/S | Target Company | Company | A leading provider of tugboat services, targeted for acquisition by APMHI. |
| A.P. Moller Holding A/S | Parent Company | Company | Parent company of APMHI, looking to increase its stake and take control of Svitzer. |
| Citi | Financial Advisor | Company | Serves as Svitzer's exclusive financial advisor for the offer. |
| Kromann Reumert | Legal Advisor | Company | Providing legal advice to Svitzer in the context of the purchase offer. |
| Morten H. Engelstoft | Chair of the Board, Svitzer | Person | Oversees the decision-making process regarding the offer from APMHI. |
| Citigroup Global Markets Europe AG | Fairness Opinion Provider | Company | Provided a fairness opinion to the Independent Directors of Svitzer. |
| A.P. Moller Foundation | Shareholder | Charity | Holding a notable percentage of Svitzer shares. |
| Den A.P. Møllerske Støttefond | Shareholder | Charity | Another foundation that holds shares in Svitzer. |