STOCKHOLM--Sweden's Investor AB (INVE-B.SK) and private equity company Altor have agreed to sell the majority of Norwegian debt collector Lindorff for an enterprise value of 2.3 billion euros($3.11 billion).
The buyer, Nordic Capital, will also pay a 200 million euro performance-based vendor note.
Before the transaction, Altor held 42% of the capital and 50% of the votes in Lindorff, while Investor has held 58% of capital and 50% of votes. The companies will retain an equity stake worth up to EUR315 million, with Altor holding 42% and Investor 58%.
"Lindorff has a great business model and it has developed strongly under our ownership together with Altor," says Investor Chief Executive Borje Ekholm. "We believe that Lindorff is now ready for its next development phase under a new lead owner, and we look forward to remaining as an owner."
The transaction is subject to approval from the relevant competition authorities and is expected to be completed during the fourth quarter 2014.
-Write to Dominic Chopping at email@example.com; Twitter: @WSJNordics
(END) Dow Jones Newswires
July 18, 2014 04:35 ET (08:35 GMT)