Graphics and MAM vendor Vizrt to be taken private in all-cash Nordic deal
Vizrt has announced that it will be taken private through a merger agreement with 24 October Holding, an entity indirectly controlled by Nordic Capital Fund VIII, and NOR Merger Sub. The all-cash deal values the company at $374 million.
Nordic Capital is a leader in Nordic private equity investments with four active funds with over EUR 11 billion in total committed capital and a history of successful growth-oriented investments, both multinational and local businesses. Nordic Capital Fund VIII has EUR 3,500 million in committed capital.
“Our board has undertaken a careful review of the terms and conditions of the merger and is unanimous in its recommendation. We consider the cash-based offer as fair and in the best interest of our shareholders. We believe that Nordic Capital, with its breadth of expertise and proven track record of developing companies, will be a strong owner of Vizrt,” said Dag J Opedal, Chairman of the board of directors of Vizrt.
“Seeing is believing and in a growing market for video graphics, Vizrt has proven that it can shape the frontiers of broadcast graphics, video asset management and automation systems – driven by an exceptional culture and a very competent and dedicated organisation. Focus for Nordic Capital Fund VIII as the new owner will be continued support of Vizrt’s geographic expansion and its constant strive [sic] to provide customers with an unparalleled offering,” said Kim Gulstad, Partner, NC Advisory, advisor to Nordic Capital Fund VIII.
Completion of the merger is currently expected to take place on or around January 31, provided all conditions for completion have been fulfilled. Shareholders of the company shall receive a cash consideration of NOK 37 for each share held in the company (less any withholding tax on such amount, if applicable). This represents a premium of circa 32% to the closing share price of the company on 7 November 2014, the last trading day prior to the announcement of the merger, a premium of circa 28% to the three month volume weighted average share price of the company for the period ending on 7 November 2014 and a premium of circa 35% to the six months volume weighted average share price of the company for the period ending on 7 November 2014.