Norwegian Transaction Volume
* Source: Mergermarket
Major Transactions – 2019 in review
Target: Exxon Mobil Corporation (Norwegian oil and gas assets)
Vår Energi AS, a Norway-based company engaged in exploration and production of oil and gas has acquired the Norwegian oil and gas assets of Exxon Mobil Corporation, the listed US-based energy company engaged in the exploration, production and distribution of crude oil and natural gas, as well as production of automotive lubricants and petrochemicals.
The transaction will end the production of oil and gas of Exxon Mobil in Norway.
Deal Value: EUR 4,113m
Target: Eidsiva Energi AS (50% stake)
Hafslund E-CO AS, a Norway-based power company, has acquired a 50% stake in Eidsiva Energi AS, a Norway-based company engaged in the production and distribution of electricity.
Deal Value: EUR 3,009m
Target: Evry ASA
Acquisition of Evry ASA, the Norway-based and listed IT services company, by Tieto Oyj, the Finland-based and listed IT service and consulting company. The transaction was implemented through a cross-border merger and the combined company was subsequently listed on Oslo Børs with a market cap of the combined company of EUR 3,428m. Haavind advised Tieto on the cross-border merger and listing process.
Deal Value: EUR 1,962m
Target: Adevinta ASA (35% stake)
Schibsted ASA, a listed Norway-based media company that provides news, entertainment, and other interest information services, publishes newspapers, weekly magazines, online newspapers, and personal finance magazines, has spin off its online classified business, into a newly listed company, Adevinta ASA (a Norway-based global online classified company, headquartered in Oslo).
Deal Value: EUR 1,930m
Thomas H. Lee Partners, L.P. (THL), the US-based private equity firm alongside the management of AutoStore, a Norway-based robotics and software company providing automation technology to warehouse & distribution facilities, has acquired Autostore in a management buyout transaction, from EQT Partners AB, a Sweden-based private equity firm.
Deal Value: EUR 1,634m
Target: CapeOmega AS
Partners Group Holding AG, the Switzerland-based alternative asset management company, has acquired CapeOmega AS, the Norway-based oil and gas company engaged in providing infrastructure for transporting natural gas produced on the Norwegian continental shelf and exploration and development of oil and gas assets, from HitecVision AS, the Norway-based private equity firm.
Deal Value: EUR 1,200m
Equity Capital Markets and New Listings
A total of NOK 50 billion was raised in new equity during 2019, continuing the strong trend of recent years. Approximately one third of this amount (NOK 16 billion) was raised in connection with initial public offerings by companies immediately prior to being admitted to trading or listing on Oslo Børs marketplaces.
Except for the record year 2017, the amount of equity raised in 2019 is the highest amount of equity raised in the public market since 2001.
The private placement structure continued to dominate as the preferred structure for raising equity.
The number of new listings on Oslo Børs marketplaces continued the negative trend we have seen in recent years with a decline in the number of new companies being listed or admitted to trading compared to 2018. In total 15 companies were admitted to listing or trading, compared to 20 new issuers going public in 2018.
However, although the number of new issuers was quite low, there were some very large newcomers that were listed on Oslo Børs during the year and which made 2019 a record year in terms of the combined market value of companies being admitted to listing. Calculated on the basis of the market cap on the first day of listing, the combined market capitalisation of newly admitted companies in 2019 was NOK 127.5 billion which is the highest amount seen on Oslo Børs since Statoil ASA was first listed on Oslo Børs back in 2001.
Haavind advised on the listing of TietoEVRY which was the second largest listing in 2019 with a market cap on the first day of listing of NOK 32 billion. The largest newcomer on Oslo Børs in 2019 was Adevinta with a market cap on the first day of listing of NOK 60 billion.
* Source: Oslo Stock Exchange
Norwegian Interbank Offered Rate (Nibor)
* Source: Oslo Stock Exchange
Consumer Price Index
* Source: Statistics Norway
Haavind Corporate M&A
Advokatfirmaet Haavind is one of Norway’s leading full-service law firms, with more than 120 qualified lawyers offering innovative solutions to legal problems. Corporate M&A is a leading practice group, working closely with strong sector specialists within Oil & Offshore, Renewable Energy / Electricity, Tech and Real Estate.