nordic capital markets insights - ey · may sweden first north realfiction holding ab retail 10.2...
TRANSCRIPT
Nordic Capital Markets InsightsFull Year 2017 Review
Released January 2018
Nordic Capital Markets Insights | December 2017 | 2
Contents
2 Welcome
3 Nordic IPO activity
7 Nordic follow-on activity
8 Nordic secondary activity
9 Nordic M&A activity
12 Q&A with Peter Gönczi, CEO of AktieTorget
15 Q&A with Martin Wiig Nielsen, EY Partner Corporate Finance
18 Methodology
WelcomeIn this issue, we are happy to share with you two Q&A feature articles. We sat down with Martin Wiig Nielsen, a Partner in our Corporate Finance Lead Advisory practice, and he provided us with a general introduction to growth via IPO or M&A, as well as an introduction to exit considerations. We also sat down with Peter Gönczi, CEO of AktieTorget, to discuss their plans to open a new multilateral trading facility in Denmark.
2017 was a record year for IPO activity in the Nordics. The exchanges within the Nordic region had 99 IPOs vs 64 IPOs for 2016. M&A activity was also strong with 1,620 deals vs 1,389 deals in 2016.
Our publication presents to you IPO activity in the Nordics as well as other listing activities such as upgrades to main markets, transfers between exchanges, spin-offs, pure listings with no capital raised, as well as follow-on and secondary offering activity. We also include M&A activity across the Nordics. Definitions for the various types of transactions can be found on our Methodology page. Our issue covers activity from January 1st to December 31, 2017.
Our IPO data is cross-checked against the Nordic exchanges, and if we are unable to verify an IPO transaction, it will be reported as a listing. Once we verify that the transaction was an IPO, it will be reported and included in the YTD IPO totals in the following report. Please also keep in mind that the M&A data may not include all transactions in the Nordics due to the high number of private, undisclosed deals. Reported figures related to the various types of activities discussed are YTD unless otherwise noted.
Remember that each quarter EY publishes an insightful Global IPO Trends report, which can be found on www.ey.com/ipo. Our previous issues of the Nordic Capital Markets Insights report as well as prior feature articles can be found on www.ey.com/dk/capitalmarkets.
We hope you will enjoy our Q4-2017 update highlighting the Nordic capital markets. We welcome your comments and inquiries and invite you to subscribe by emailing [email protected].
Andreas Dalhäll Partner, EY Nordic IPO Leader
Nordic Capital Markets Insights | December 2017 | 3
Nordic IPO activity YTD
Commentary
The Nordics had a record year of IPO activity in 2017, with 99 IPOs compared to 64 IPOs in 2016. Consistent with the last few years Sweden leads the Nordic region and accounted for 74 out of the 99 IPOs. Finland accounted for 10 IPOs and showed a healthy increase compared to the 6 IPOs for 2016. Norway showed a sharp uptick in activity with 11 IPOs vs one in 2016. Denmark had four IPOs for the year, compared to three IPOs in 2016.
2017 featured a decline in IPO capital raised in the Nordics, and had US$6.2b raised vs US$9.6b in 2016. This decline was due to the lack of mega IPOs compared to last year when Denmark had two of the largest IPOs in the world last year (Dong Energy A/S and Nets A/S). Of the US$6.2b raised in 2017, roughly 45% of that capital was raised in Sweden. Finland accounted for 30% of capital and Norway roughly 21% of capital. Denmark’s IPOs accounted for less than 4% of total capital raised in the Nordics.
The trend of growth companies listing on the various multilateral trading facilities or MTFs continued in 2017, with 68 or about 68% of the companies choosing to IPO on MTFs. The remaining 31 IPOs were completed on regulated markets. 2017 also featured 15 companies choosing to uplift to regulated markets, and 16 companies which transferred between the various exchanges within the Nordics. There were also six spin off transactions in 2017.
In addition to the IPOs, we had 33 additional listings. These listings typically had capital raises prior to or after listing and are therefore not counted in the official IPO numbers. Our IPO data is cross-checked against the Nordic exchanges, and if we are unable to verify an IPO transaction, it will be reported as a listing. Once we verify that the transaction was an IPO, it will be reported and included in the YTD IPO totals in the following quarter’s report.
Volume
99 IPOs(64 IPOs, FY 2016)
US$6.2b(US$9.6b, FY 2016)
Value
Breakdown of IPOs by countryDenmark Finland Norway Sweden
YTD 2017 4 IPOs 10 IPOs 11 IPOs 74 IPOs
YTD 2016 3 IPOs 6 IPOs 1 IPO 54 IPOs
Rovio Entertainment OyjUS$513.5m
Terveystalo OyjUS$1b
Munters ABUS$516.2m
Top
thre
e IP
Os
in 2
017
S&P 500 +21.83%
DK — OMXC25CAP +12.77%
FI — OMXH25 +6.46%
NO — OSEBX +19.09%
SE — OMXS30 +3.94%
2017 Full year returns
Equity indexes
Denmark US$0.2b
Finland US$1.9b
Norway US$1.3b
Sweden US$2.8b
Grand total US$6.2b
45%31%
4%
Capital raised by country
21%
IPO pricing and performance+6.85% First-day average return
+17.37% Average increase in offer price vs. 31 December 2017
US$38m Median post-IPO market cap
US$13m Median IPO proceeds
Nordic Capital Markets Insights | December 2017 | 4
Technology
30 IPOs(US$1.7b)
Regulated markets MTF
Denmark 2 2
Finland 4 6
Norway 10 1
Sweden 15 59
Total 31 68
Regulated markets include Oslo Børs, Oslo Axess, and Nasdaq Main markets.MTF stands for multilateral trading facility. First North, First North Premier, Merkur Market and AktieTorget are considered MTFs.
New listings and spin-offs since our last reportDate Country Exchange Company Activity
September Sweden AktieTorget Inhalation Sciences listing only
October Denmark Main Market Nilfisk spin off from NKT Holding
October Sweden AktieTorget Qiiwi Interactive listing only
October Sweden AktieTorget Logistri listing only
October Sweden AktieTorget ESEN listing only
October Sweden AktieTorget BiBB Instruments listing only
November Sweden First North Tre Kronor Property Investment listing only
November Norway Merkur Market J.P. Kenny Petroleum Ltd listing only
November Norway Merkur Market Baltic Sea Properties AS listing only
December Norway Merkur Market Lillestrøm Sparebank listing only
December Sweden Main Market Arjo spin off from Getinge AB
December Norway Merkur Market Tysnes Sparebank listing only
New upgrades and transfers since our last reportDate Country Exchange Company Activity
October Sweden First North Redsense transfer from AktieTorget
October Sweden Main Market Starbreeze transfer from First North Premier
October Sweden Main Market Cherry transfer from AktieTorget
October Norway Oslo Axess Northern Drilling Ltd. upgrade to Oslo Axess from Norwegian OTC
November Norway Oslo Børs Komplett Bank ASA upgrade to Oslo Børs from Norwegian OTC
November Sweden First North Sivers IMA transfer from AktieTorget
December Sweden Main Market ZetaDisplay transfer from First North Premier
December Sweden First North Botnia Exploration Holding transfer from AktieTorget
December Sweden First North Oboya Horticulture Industries transfer from AktieTorget
IPO activity YTD
Healthcare
23 IPOs (US$2.1b)
Industrials
14 IPOs(US$1.3b)
Three sectors trending
Cross-border activity since our last report
IPOs in the Nordics Scout Gaming Group AB from Norway and 2cureX AB from Denmark completed IPOs in Sweden
Nordic Capital Markets Insights | December 2017 | 5
New Nordic IPOs completed in 2017
Month of admission
Exchange nationality Exchange Company Sector
Market value post
IPO in US$m
Proceeds in US$m
Offer price (local
currency)
% change of offer price
vs first trading
date
Janurary Norway Oslo Axess Unified Messaging Systems ASA High Technology 27.4 7.2 1.25 1.7
February Sweden First North Hemcheck Sweden AB Healthcare 7.4 3.4 6 0.8
February Sweden Main Market Oncopeptides AB Healthcare 198.8 77.5 46 -6.5
February Sweden First North IRLAB Therapeutics AB Healthcare 46.5 12.8 60 -1.7
February Sweden First North Sonetel AB High Technology 11.4 3.7 26.9 2.2
March Sweden First North Biovica International AB Healthcare 24.8 6.8 12.5 -4.4
March Sweden First North Intervacc AB Consumer Products and Services 18.3 5.7 10 -23.0
March Sweden First North Unibap AB Retail 11.0 2.6 20 40.0
March Sweden Main Market MIPS AB Industrials 132.1 74.5 46 12.0
March Finland First North Next Games Oy High Technology 153.9 37.3 7.9 20.8
March Sweden First North ChromoGenics AB Materials 22.4 13.3 8.5 -26.5
March Sweden First North Tangiamo Touch Technology AB Industrials 11.3 3.0 5 -24.2
March Finland First North Fondia Oyj Consumer Products and Services 32.3 5.3 7.65 28.5
March Sweden First North Annexin Pharmaceuticals AB Healthcare 11.1 5.7 16.5 -40.9
March Sweden First North Mantex AB Industrials 13.7 5.2 8.7 -49.4
March Sweden First North SECITS Holding AB High technology 11.7 1.9 13.71 -27.8
March Sweden Main Market Ambea AB Healthcare 570.0 257.5 75 10.0
April Sweden First North Isofol Medical AB Healthcare 102.4 48.1 29 -6.9
April Sweden Main Market SSM Holding AB Industrials 257.7 64.4 59 -0.9
April Norway Oslo Bors BerGenBio AS Healthcare 144.7 46.5 25 -
April Sweden Main Market Actic Group AB Media and Entertainment 89.2 48.4 50.5 1.0
April Sweden Main Market FM Mattsson Mora Group AB Industrials 100.8 15.0 68 38.2
April Sweden First North XMReality AB Media and Entertainment 21.9 6.6 13.7 6.2
April Sweden First North Matra Petroleum plc Energy and Power 43.4 5.3 10 -9.0
April Sweden First North Bambuser AB Media and entertainment 15.9 2.7 9.2 -34.8
May Norway Merkur Market Fjord1 AS Industrials 334.8 162.4 29 13.1
May Sweden First North Bioservo Technologies AB High Technology 23.9 7.7 24 -20.8
May Sweden Aktie Torget Ayima Group AB High Technology 12.5 1.3 21 1.4
May Sweden First North Integrum AB Healthcare 20.2 3.0 20 12.5
May Finland Main Market Kamux Oyj Retail 313.2 147.4 7.2 5.0
May Sweden Main Market Instalco Intressenter AB Industrials 286.2 125.1 55 18.2
May Sweden First North Zaplox AB Telecommunications 14.7 5.1 5.5 17.3
May Sweden First North Sdiptech AB Consumer products and services 201.6 60.8 56 -
May Sweden First North Enersize Oy High Technology 22.9 3.2 6.9 23.9
May Sweden Main Market Munters AB Industrials 1,152.3 516.2 55 20.1
May Sweden First North TerraNet Holding AB High Technology 35.5 11.4 13 32.3
May Finland First North Remedy Entertainment Oyj High Technology 56.7 14.6 5.65 18.4
May Sweden Main Market Medicover AB Healthcare 856.5 267.9 56 17.0
May Norway Oslo Bors Saferoad Holding ASA Industrials 239.6 167.7 30 -
May Sweden First North Nitro Games Oyj High Technology 8.4 3.1 40 1.0
May Sweden First North Paxman AB Healthcare 17.5 3.5 9.5 14.7
May Sweden First North Realfiction Holding AB Retail 10.2 2.5 7.6 14.5
May Sweden Main Market Boozt AB High Technology 377.3 212.3 62 25.0
June Sweden First North Quartiers Properties AB Real Estate 87.5 17.4 15 -2.0
June Sweden First North TC Connect AB Energy and Power 5.2 1.7 20 43.0
June Finland Main Market Silmaasema Oyj Retail 110.7 73.0 6.9 10.1
June Sweden First North North Net Connect AB Telecommunications 11.9 2.8 8.4 -33.9
June Norway Oslo Bors SpareBank 1 Ostlandet Financials 986.2 274.0 78 1.3
June Sweden First North Surgical Science Sweden AB Healthcare 19.5 8.0 35 64.3
June Denmark First North GreenMobility A/S Consumer Products and Services 37.6 9.4 150 -0.7
IPO
Nordic Capital Markets Insights | December 2017 | 6
New Nordic IPOs completed in 2017
Month of admission
Exchange nationality Exchange Company Sector
Market value post
IPO in US$m
Proceeds in US$m
Offer price (local
currency)
% change of offer price
vs first trading
date
June Sweden Aktie Torget NextCell Pharma AB Healthcare 4.9 2.0 5 -33.0
June Sweden First North Sedana Medical AB Healthcare 30.9 13.2 19.5 22.1
June Norway Oslo Bors EVRY ASA High Technology 1,349.9 445.5 31 -9.7
June Sweden First North Fastighets AB Trianon Real Estate 188.4 65.7 48 7.3
June Sweden Main Market Bone Support AB Healthcare 153.2 63.9 29 10.3
June Denmark First North Conferize A/S High Technology 15.3 4.3 8 -
June Sweden First North Promore Pharma AB Consumer Products and Services 54.1 8.7 23.3 -40.6
June Sweden First North Cimco Marine AB Industrials 32.9 4.6 14.5 23.5
June Sweden First North Urb-IT AB High Technology 35.0 12.9 15 0.7
July Sweden First North Aspire Global plc High Technology 156.1 44.6 30 6.7
July Sweden First North Seamless Distribution Systems AB High Technology 30.1 25.6 36 -5.6
September Sweden First North Xspray Pharma AB Healthcare 34.0 16.5 22 42.7
September Sweden First North SenzaGen AB Healthcare 37.5 11.3 19.4 123.2
September Norway Oslo Bors SpareBank 1 Nordvest Financials 33.1 15.4 115 2.2
September Norway Oslo Bors Infront ASA High Technology 76.1 34.0 23 10.0
September Finland Main Market Rovio Entertainment Oyj High Technology 1,053.4 513.5 11.5 -
October Finland First North Titanium Oyj Financials 65.2 29.6 6.15 13.3
October Sweden First North Fram Skandinavien AB High Technology 6.2 2.4 20 56.5
October Sweden Main Market Balco Group AB Industrials 147.8 102.0 56 17.0
October Finland Main Market Terveystalo Oyj Healthcare 1,467.1 1,028.7 9.76 2.5
October Sweden Main Market Handicare Group AB Healthcare 363.0 121.1 50 10.0
October Norway Oslo Bors Webstep ASA High Technology 80.5 50.7 24.5 10.2
October Sweden First North Climeon AB Energy and Power 161.6 28.4 31 44.2
October Sweden Main Market BioArctic AB Consumer Products and Services 262.3 86.9 24 20.8
October Sweden First North Global Gaming 555 AB High Technology 105.6 2.7 22 27.3
October Sweden NGM Seafire AB Financials 6.4 2.0 12 -33.3
October Sweden First North Indentive AB High Technology 12.6 4.2 18 -18.6
October Norway Oslo Bors Self Storage Group ASA Industrials 108.9 31.3 14 -2.9
October Sweden Main Market Ferronordic Machines AB Industrials 205.5 62.6 150 7.3
November Sweden First North 2cureX AB Healthcare 9.6 2.2 7.8 3.2
November Norway Oslo Bors Crayon Group Holding ASA High Technology 141.8 79.7 15.5 -4.5
November Finland First North Gofore Oyj High Technology 96.5 27.5 6.35 12.6
November Denmark Main Market Orphazyme ApS Healthcare 251.4 95.2 80 -
November Sweden Aktie Torget Colabitoil AB Energy and Power 34.6 2.3 33 -
November Sweden First North IRRAS AB Healthcare 125.7 34.2 45 -16.4
November Denmark Main Market TCM Group A/S Consumer Products and Services 155.9 109.1 98 -0.5
November Sweden First North Awardit AB High Technology 16.9 2.2 28 36.4
November Sweden First North Scout Gaming Group AB Media and Entertainment 34.2 7.2 23 -
November Sweden First North Acconeer AB High Technology 57.2 21.6 25 35.2
December Sweden First North Bio-Works Technologies AB Consumer Products and Services 25.4 9.6 11 13.6
December Sweden First North DevPort AB Consumer Products and Services 20.6 6.8 35 11.4
December Sweden First North Tempest Security AB Consumer Products and Services 19.0 4.7 22 -9.1
December Finland First North Efecte Oyj High Technology 36.0 13.4 5.5 -6.0
December Sweden First North MAG Interactive AB High Technology 160.7 59.1 44 -5.7
December Sweden First North FlexQube AB Industrials 22.5 4.7 30 2.3
December Sweden First North Lyko Group AB High Technology 32.2 28.8 50 3.0
December Sweden First North Atvexa AB Real Estate 64.3 8.0 50 13.0
December Sweden First North Hitech & Development Wireless Sweden AB
High Technology 12.5 2.8 8 12.5
December Sweden NGM Dr Sannas AB Healthcare 3.3 0.5 18 -
IPO
Nordic Capital Markets Insights | December 2017 | 7
Denmark US$1b
Finland US$0.1b
Norway US$5b
Sweden US$2.4b
Grand total US$8.5b
29%
59%
1%
Capital raised by country
Follow-on sector analysis of capital raisedYTD 2017
Nordic follow-on activity YTD
Volume
157 follow-ons(155, FY 2016)
US$8.5b(US$6.7b, FY 2016)
Value
Breakdown of follow-ons by countryDenmark Finland Norway Sweden
YTD 2017 6 9 97 45
YTD 2016 4 11 70 70
Top
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CommentaryA follow-on is the issuance of stock by a company that is already publicly traded. In 2017 there were 157 follow-on transactions compared to 155 for 2016. Norway continues to lead in the follow-on market, with Norwegian companies accounting for 97 of the 155 transactions. Rebounding commodity prices likely contributed to this. Swedish companies accounted for 45 transactions. Finnish companies completed nine follow-ons, with Danish companies accounting for the remaining six. The transactions completed in 2017 had a value of US$8.5b compared to US$6.7b in 2016.
We believe that from time to time insights can be gained by focusing on sector trends with regards to follow-on activity. We saw a large surge in Oil and Gas companies raising capital in 2017. Oil and Gas companies accounted for 35% of all Nordic follow on capital raises, and was the most active sector with 31 out of the 157 transactions. Healthcare and Computers and Electronics were the second and third most active sectors, with both sectors accounting for 24 transactions each. In 2016 Healthcare was the most active sector, with 35 of the 155 deals and 8% of the capital raise. Oil and Gas was the 4th active sector in 2016, and saw 14 deals completed which accounted for 11% of total capital raised.
Sector Amount US$m Number of dealsOil & gas 2,989 31Healthcare 1,003 24Computers & Electronics 547 24Transportation 837 17Finance 404 16Utility & energy 376 11Real Estate/Property 499 9Other sectors 1,893 25
Grand Total 8,547 157
22%
6%
12%10% 6%
4%
35%
5%
Borr Drilling LtdUS$651mTryg A/S
US$641mGetinge ABUS$543m
Sector Amount US$m Number of dealsHealthcare 542 35Computers & Electronics 320 26Finance 465 20Oil & Gas 706 14Real Estate/Property 1,805 11Telecommunications 499 8Chemicals 550 7Other sectors 1,832 34
Grand Total 6,719 155
5%
8%
Follow-on sector analysis of capital raised YTD 2016
7%
27%7%
8%
11%
27%
12%
Nordic Capital Markets Insights | December 2017 | 8
Volume
53 secondaries US$9b
Value
Nordic secondary activity YTD
Breakdown of secondaries by countryDenmark Finland Norway Sweden
YTD 2017 10 8 9 26
YTD 2016 5 4 14 34
Dong Energy A/SUS$681.8mScandinavian
Tobacco Group A/SUS$154.2m
Evolution Gaming Group AB
US$118.9mTo
p th
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cond
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in Q
4 20
17
Commentary
A secondary offering is an offering of securities by an existing shareholder of a company, as opposed to the company itself. The liquidity offered to financial sponsors, founders, management teams, and major shareholders is another important feature of publicly listed companies. Financial sponsors and Private Equity (PE) houses sell for a variety of reasons, e.g. the need to return funds to investors as well as the need to fund future investments in less mature companies.
Top new shareholder reductions since our last reportIssuer name Selling shareholder Pricing date Industry Secondary
value US$m
Evolution Gaming Group AB Private Investor November Computers & Electronics 118.9
Komplett Bank ASA Macama Invest AS November Finance 113.7
Dampskibsselskabet Norden A/S Rasmussengruppen AS December Transportation 89.3
AcadeMedia AB EQT Partners AB October Professional Services 87.7
Wilson Therapeutics AB Oppenheimer Holdings Inc. Polar Capital Holdings plc
December Healthcare 47.5
Boozt AB Sunstone Capital A/S. ECCO Holding A/S December Computers & Electronics 40.6
Actic Group AB IK Investment Partners AB November Leisure & Recreation 28.9
Mr Green & Co AB Directors of the Co November Finance 20.0
NEL ASA Directors of the Co December Utility & Energy 16.5
NextGenTel Holding ASA Directors of the Co December Telecommunications 3.4
PE and financial sponsor exitsIssuer name Selling shareholder Pricing date Industry Secondary
value US§Acitivity
Dong Energy A/S Goldman Sachs Capital Partners
October Utility & Energy 681.8 New Energy Investment (GS Merchant Banking) has fully exited
Scandinavian Tobacco Group A/S Swedish Match AB November Consumer Products 154.2 Swedish Match has fully exited
EXIT
Nordic Capital Markets Insights | December 2017 | 9
Cross vs same sector analysis YTD
54%
46%
Sector type Number of deals
Cross-sector deals 882
Same sector 738
Total 1,620
1,620
Nordic M&A activity YTD
Volume
1,620 Deals(1,389, FY 2016)
US$135.1b(US$74.9b, FY 2016)
Disclosed value
CommentaryM&A data presented is based on announced deals from January 1 through December 31, 2017. 2017 was also a great year for the M&A space, during the year there were 1,620 deals that featured either a Nordic acquirer or a target company, compared to 1,389 deals over the same period in 2016. Of the 1,620 announced deals, 93% of the announced deals were completed during the year while 108 or 7% were still pending closure as of the end of December 2017.
In 2017, 738 or 46%, out of the 1,620 deals were same-sector deals. Looking deeper at same-sector deals, we find that the Technology sector accounted for 176, or 24%, Diversified industrial products accounted for 112, or 15%, and Consumer products and retail 92, or 12%. Same-sector deal breakdown for the same period in 2016 had Diversified Industrial Products claiming the top spot with 18%, followed by Technology at 16%, and Consumer products and retail with 12%.
As of December 31, 2017, the remaining 882, or 54%, out of the 1,620 deals were cross-sector deals. As expected, the Wealth and Asset Management industry accounted for 325, or 37%, of the 882 deals. This sector includes private equity companies and financial sponsors and has historically lead in cross sector deals. Outside of this sector, Diversified Industrial Products represented 108, or 12.4%, and Technology represented 73, or 8%, of the 882 cross-sector deals.
Sector Number of deals
Technology 176Diversified industrial products 112Consumer products and retail 92Real estate 77Automotive and transportation 50Oil and gas 33Media and entertainment 30Other sectors 168
Total 738
15%
4%
7%
Same sector analysis YTD
10%
24%
12%
M&A deal breakdown by countryDenmark Finland Norway Sweden Outside Nordics
Buy-side 224 184 231 674 307
Sell-side 258 225 228 552 357
4%
23%
5%
8%
Cross sector analysis. buy-side YTD
7%
37%
12%
4%
24%
882 of1,6203%
Deal range breakdown
Deal size
Number of deals
Amount US$b
Undisclosed 1,114 Undisclosed
0-100 US$m 403 6.4
100-500 US$m 60 13.9
501+ US$m 43 114.7
Sector Number of deals
Wealth and asset management 325Diversified industrial products 108Technology 73Consumer products and retail 59Banking and capital markets 40Real estate 36Automotive and transportation 30Other sectors 211
Total 882
738 of1,620
Nordic Capital Markets Insights | December 2017 | 10
B2B 85%
M&A PE involvement
PE 15%
Secondary buy-out 1%
Sell-side 4%
Buy-side 11%
B2B 1,373
Buy-side 173
Secondary buy-out 26
Sell-side 48 PE deals 247
Nordic M&A buyer analysis
Country of buyer Denmark Finland Norway Sweden
Number of deals 224 184 231 624
Deals within same country 145 125 122 372
Deals with other Nordic countries 32 23 48 91
Deals with countries outside of Nordics 47 36 61 211
DK FI NO SE
65%
12%
53% 55%
14%
21% 14%
21% 20% 26% 31%68%
CommentaryTotal disclosed deal value as of December 31 2017 was US$135.1b compared to US$74.9b for the same period in 2016. The top three deals of the year were the giant Essity AB spinoff, which totaled to US$26.6b, the US$11.7b Uniper SE acquisition by Fortum Oyj, and the US$7.4b Maersk Olie og Gas A/S acquisition by Total SA. Many of the largest deals of 2017 occurred in the last four months of the year and can be seen in our top M&A deals table.
As of December 31 2017, 69% of the deals were private, undisclosed deals, compared to 70% for the same period in 2016. 25% of the deals as of December 31 2017 were within the US$ 0-100m range compared to 22% as of December 31 2016. Private equity has picked up during the year, but was still less active for this current period. PE was
involved in about 15% or 247 out of the 1,620 deals in 2017 compared to about 17.5% or 243 out of the 1389 deals as of December 31 2016.
On the next page, we provide a Nordic M&A buyer analysis, which looks at Danish, Finnish, Norwegian and Swedish acquirers. The graphic breaks down both the number of deals, as well as the location of the targets. From the data, we can see that Danish and Finnish buyers have a strong preference for in-country acquisitions. Danish companies acquired domestically 65% of the time, and Finnish companies 68% of the time. Swedish and Norwegian companies have an increased appetite for acquisitions outside of the Nordics. 26% of Norwegian acquirer deals, and 31% of Swedish acquirer deals were for companies outside of the Nordics.
Nordic Capital Markets Insights | December 2017 | 11
Top M&A Nordic deals since our last report
Announce-ment Date Target Acquirer
Deal Value US$m
Deal Status
Target Country
Acquirer Country Target Sector
Acquirer Sector Deal Technique
September Uniper SE Fortum Oyj 11,778 Pending Germany Finland Power and utilities
Power and utilities
Divestment, Public offer, Mandatory general offer
September SeaDrill Ltd (98%) Creditors, Hemen Holding Ltd
6,760 Pending Norway Norway Oil and gas Banking and capital markets
Restructuring, Recapitalisation, Share placement
September Nets A/S Hellman & Friedman LLC, Bain Capital LLC, StepStone Group LP, and other parties
6,418 Pending Denmark Denmark Technology Wealth and asset Management
Public offer, Going private, Leveraged buyout
September Copenhagen Airports A/S (71.15%)
Arbejdsmarkedets Tillaegspension - ATP, Ontario Teachers Pension Plan
6,088 Pending Denmark Denmark Automotive and transportation
Insurance Public offer, Divestment, Mandatory general offer, Exercise of option, Going private
December Elenia Oy Allianz Capital Partners GmbH, Macquarie Group Ltd - MGL, State Pension Fund of Finland
4,236 Pending Finland Germany Power and utilities
Wealth and asset Management
Divestment
December Volvo AB (7.853%)
Zhejiang Geely Holding Group Co Ltd
3,217 Pending Sweden China Automotive and transportation
Automotive and transportation
Divestment
December Oil & Gas Assets (Roncador field in Brazil)
Statoil ASA 2,900 Pending Brazil Norway Oil and gas Oil and gas Acquisition of Assets, Divestment
October Power Station (Walney Extension offshore wind farm)
Pensionskassernes Administration A/S, PFA Pension Forsikrings A/S
2,647 Completed United Kingdom
Denmark Power and utilities
Insurance Divestment, Acquisition of Assets
October Hess Norge AS Aker BP ASA 2,000 Pending Norway Norway Oil and gas Oil and gas Divestment
November Nykredit Realkredit A/S (16.9%)
PFA Pension, PensionDanmark A/S, and other parties
1,814 Pending Denmark Denmark Banking and capital markets
Insurance Divestment
November Oil & Gas Assets (Martin Linge and Garantiana, Norway)
Statoil ASA 1,450 Pending Norway Norway Oil and gas Oil and gas Divestment, Acquisition of Assets
October Nilfisk A/S Existing Shareholders 1,231 Completed Denmark Denmark Consumer products and retail
Consumer products and retail
Spin-off, Divestment
November Stark Group A/S Lone Star Global Acquisitions Ltd
1,194 Pending Denmark Denmark Consumer products and retail
Wealth and asset Management
Leveraged buyout, Divestment
September Maersk Tankers A/S
AP Moller Holding A/S 1,171 Completed Denmark Denmark Automotive and transportation
Wealth and asset Management
Divestment
December Jurys Inn Group Ltd
Pandox AB 1,068 Completed United Kingdom
Sweden Real estate Real estate Divestment, Auction
Includes M&A activity within the Nordic Region.
Nordic Capital Markets Insights | December 2017 | 12
Q&A WITH PETER GÖNCZI, CEO OF AKTIETORGET
Peter Gönczi. AktieTorget
Denmark Gets a New Stock Market; AktieTorget is Coming to Denmark
AktieTorget was founded as one of the first alternative trading venues in Sweden. It is a multilateral trading facility or “MTF” and is a popular listing option for growth companies in Sweden. A multilateral trading facility is a European regulatory term for a self-regulated financial trading venue. MTFs are not fully regulated exchanges and tend to be the initial listing option for growth companies in Europe.
AktieTorget’s Swedish MTF, or stock market, is already home to a few Danish companies and has helped give main market listed companies, such as Denmark’s research and development company Saniona, a start on their journey as publically traded companies. AktieTorget is keen on fueling the growth of smaller companies in Denmark, alongside Nasdaq’s First North MTF, and is planning to introduce a Danish AktieTorget. Ejiro Atatah, Manager in EY Capital Markets, sat down with Peter Gönczi, their CEO, to gain some insights into their plans.
Peter, can you provide our readers with a bit more background on AktieTorget? How does the MTF currently fit into the Swedish capital markets offerings?
AktieTorget has played and continues to play a very important role in the Swedish capital markets. Our stock market is not designed for large cap stocks with owners who are looking to exit, but instead focuses on growth companies whose management teams need access to capital. The MTF has typically been an incubator for the mid cap space and exchanges in Sweden. AktieTorget has a different purpose than most other stock markets in the world. We don’t aim to generate returns via trading fees or selling data and are not focused on large trading firms, but instead want to focus on helping companies grow by connecting retail and small cap investors to these companies. This provides the companies with capital to grow and gives these investors an opportunity to earn higher returns by being involved early in growth companies.
To truly help companies, a market must have capital and liquidity. For investors to provide this needed capital and liquidity, they must see that the market is transparent. We believe we have been successful, not because we provide an order book, but because we provide an ecosystem that helps make things simple and transparent for private investors. Our ecosystem helps to ensure that companies provide easy–to-understand information to the public, and the public in turn provides liquidity and capital for the companies to grow.
Company fact box
169 companies currently listed
7 Danish companies currently listed
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Can you tell us more about how this ecosystem works?
The ecosystem starts with the philosophy that the market requires private retail investors, and for them to invest, they need as much accurate information as possible. Information drives liquidity and trust. The good, bad, and ugly news must be published in a timely manner and needs to be understandable for it to be useful to retail and small cap investors. Information published by the companies should also be vetted and reviewed by parties external to the company.
Our ecosystem has three key legs. One is Cision, which is a platform for the distribution and dissemination of press releases and other information. Through our collaboration, companies listed on AktieTorget may use Cision’s tool for unlimited distribution of press releases and other information. In this way, listed companies are assured that their information is distributed broadly and securely.
Next we have FinWire, which is an independent newswire specialised in monitoring small listed companies. We have engaged FinWire to monitor all companies listed on AktieTorget and to write news bulletins on companies that FinWire finds interesting. FinWire writes brief newswire texts, as well as interviews and longer, more comprehensive reports. FinWire’s news is disseminated to all newspapers and newswires.
Finally we have SvD Börsplus, which produces investment research on listed companies. SvD Börsplus has undertaken to cover the companies listed on AktieTorget and, to a certain extent, write research reports about them. The ecosystem provides internal and timely information directly from the companies, with independent journalists and analysts reviewing, sharing, and commenting on the developments of the listed companies.
How does AktieTorget protect investors and deal with the risk of fraud?
It is impossible to eliminate fraud, but we believe we have worked to mitigate it. It starts with our due diligence prior to admitting a company for trading. Companies then have reporting requirements they must also adhere to. In addition, the ecosystem discussed above also helps mitigate the risk of fraud. The network of journalists and analysts is also an important check on fraud. Having these third parties involved will keep management teams honest and also help to uncover potential problems.
What types of companies typically list on AktieTorget? What is the typical size and industry, and how much capital is typically raised?
AktieTorget attracts growth companies. Our companies come from a wide spread of industries and typically start with us as small caps. The smallest company listed on AktieTorget has a market cap around SEK 20 million, and the largest is around SEK 4 billion. The average company is around SEK 100 million.
With growth companies, we normally recommend a small IPO of around SEK 20 million to SEK 30 million to start with. This allows companies to raise capital and become publicly traded. The
companies can then build their story as publicly traded companies and show the results of their communication plan to the investors. If they are successful, they will normally be rewarded with a higher valuation and will typically conduct secondary offerings in future years at higher valuations.
Many CEOs and capital market stakeholders have expressed issues with raising capital in Denmark. What would you say is the key difference between the Danish and Swedish investor base?
Danes are very interested in the market right now. They have historically been the traders of the Nordics, and Swedes generally the engineers and builders of the region. We are finding that Danes like trading and investing in small companies, but lack the market and ecosystem as previous discussed.
We can see that Danish growth companies begin to list in Denmark, which means that there is some capital available. Listing is a great accomplishment, but a market must also have liquidity to be efficient. Shareholders will not invest in public markets if they cannot sell their holdings at reasonable prices. It can be problematic for companies with low trading volumes because even small trades can really move the share price.
The small cap stocks currently available to Danes, who are interested in investing in Denmark, are typically illiquid and neither covered by analysts nor journalists. Danish investors typically come to Sweden if they would like to invest in growth companies. We can create a Danish option for these investors and companies.
How does AktieTorget plan to tackle the issue Danish companies have had with raising capital in Denmark? Things are improving with a few Danish small cap listings this year, but we are still seeing small Danish companies choosing to list in Sweden.
Denmark does not need another order book. We believe that we must establish a similar ecosystem to be successful. Danish investors will join the market, but it will not happen overnight. Therefore, a key part of our strategy involves supporting our Danish stock market with Swedish investors. The Danish companies will also be part of the Swedish well-established ecosystem comprising Swedish analysts, journalists and news networks. Our Swedish investors are already used to investing abroad and will provide much needed liquidity to ensure that shares have volume post listing. These are the key ingredients required to jump-start the Danish small cap growth market.
What do you think has caused this difference - taxes, legislation, other structural issues, etc.?
Taxes and legislation are of course factors, but we do not believe they tell the whole story. The tax advantage for Swedish investment accounts has not always existed in Sweden and cannot be the only reason for the Swedish listing success story. Also Denmark is making changes and adding a similar investment account. I don’t believe the changes are enough, but it’s a good start, and once implemented the limits can be raised or improved. The most important thing is that the Danish government has recognised that this is an area for improvement and is working on it.
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Listing in Sweden adds cost and complexity to Danish companies, as they typically have set up Swedish holding companies and thus deal with complying with another country’s legislation and regulatory requirements. Does this offering aim to eliminate that complexity?
Yes, this is exactly our goal. On our stock market, we have Danish companies which have had to list in Sweden. They follow Swedish listing requirements, coordinate with the Swedish FSA (Financial Supervisory Authority), typically set up a Swedish holding company and deal with Swedish cross-border tax issues. This burdens the management team with unnecessary ongoing administrative costs and complexity at a time when they should be focused on growth. We also have Danish investors investing in these companies in Sweden, in SEK, but we believe they have a preference to invest in DKK. Our offering aims to eliminate all this by allowing Danish growth companies to list in Denmark.
How does a company prepare for a listing on AktieTorget? How long does the process typically take? Does AktieTorget also plan to introduce a support network for the companies looking to list?
Our process is very transparent and with a high level of predictability – this also applies to our fee structure.
In terms of the process, we always recommend that companies start preparing early with regard to the Board of Directors. It is an advantage to have at least one or two people on the Board with experience in dealing with and understanding the FSA (Financial Supervisory Authority) for the country you are listing in, as well as share markets and its investors. Moreover, at least one of the board members should be independent of the major owners. Finding competent board members can take time, but AktieTorget can help walk companies through the rest of the process and also help educate the management team.
In Sweden, the process takes about 3-4 months if you are focused and diligent. But this assumes you already have an experienced board in place and, moreover, are prepared. It could take longer if you need to recruit board members. The listing process includes finding investors to raise capital, legal and financial due diligence and an investigation or review of large shareholders and the Management team. After all reviews are complete, AktieTorget’s listing committee will either approve or reject the application. If the listing is approved, you can raise capital from shareholders and begin trading on the stock market.
Once a company is listed, does AktieTorget help it deal with compliance, investor relations and reporting requirements?
We provide a service where listed companies send us press releases for us to review prior to publication. We will work with management teams and companies and let them know if the press releases are too technical and difficult to understand or if they are violating any rules or laws. We will also make sure that the releases are published properly and in accordance with relevant legislation. Further, we offer investor relation services such as an IR page at AktieTorget. This page can easily be integrated into the company webpage.
Will the currently listed Danish companies on AktieTorget Sweden be able to migrate to the Danish MTF?
AktieTorget has made this an option and will support the companies if they choose to switch their listing to the Danish stock market. There are, however, few companies that will choose to switch since they already have an established company structure and a shareholder base which is set up to deal with an overseas listing. They have already gone through the complications of setting this up and will likely incur additional costs unwinding the set-up. AktieTorget has decided that, even if the companies do not move their listing to Denmark, they will be displayed on the Danish stock market and in the rest of the ecosystem.
Have you had a lot of interest in this new offering?
Yes, we are off to a good start. We are in dialogue with several companies. We know some will not list, some will be bought and some will raise capital privately, but we do expect to see a number of listings this year.
Peter, thanks so much for your time and for the introduction to AktieTorget. We wish you success in Denmark and look forward to AktieTorget contributing to Denmark’s increasingly vibrant growth market.
IPOM&A
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Q&A WITH MARTIN WIIG NIELSEN, EY PARTNER CORPORATE FINANCE
A General Introduction to Growth via IPO or M&A and Exit Considerations
Martin Wiig Nielsen Partner Corporate Finance
Growth is on the agenda in every boardroom, and there is a particular focus on growth via transactions these days. Owners need to consider if consolidation will improve their market position or increase profitability. In the Nordics over the last few years, we have had low interest rates, as well as both strong M&A and IPO markets. This has provided owners and management teams with a wide variety of transaction options.
Ejiro Atatah, Manager in EY Capital Markets, interviewed Martin Wiig Nielsen, EY Partner in Corporate Finance, on some basic aspects when considering different exit and/or funding routes.
Martin, where do you typically start when advising companies on what transaction to pursue?
We typically start by gaining an understanding of the goals of the owners. Once we have a good understanding of what they
are looking to do and what is important to them, it is clear how to advise them regarding what type of transaction to pursue.
Goals typically fall into one of two camps. Owners are typically either seeking to finance growth or looking to exit an investment. Financing is sourced either by debt, typically via banks, bonds or private investors, or through equity injections from private investors or via the public markets. Exiting an investment is typically done to private equity investors, another company (strategic investors) and in certain cases through an IPO.
Can you name some of the options available to owners who are primarily interested in seeking financing as well as their advantages and disadvantages?
When owners are looking for financing, it is usually aimed at growing their business. They can raise this funding via debt issued privately to either banks or private investors, or publically via bond offerings. Raising debt with any of the parties is straightforward and allows owners to retain any upside or future value creation that the business generates. It is a natural fit for debt-free or low-debt companies with payback ability, but its primary downside is that banks, public, and private investors typically put restrictions on how much debt a company can carry. If a company has already hit that limit, issuing debt is usually not an option.
Selling equity to private investors is another option. This can be a good option depending on the strength of the equity story, but
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typically, private investors are quite sophisticated negotiators who prefer to transact at lower valuations. They can also demand quite a bit of control to compensate for their investment.
Alternatively, owners of a certain size in need of financing can also pursue a public listing, coupled with an offering. This alternative, in a good economic climate, can often compete in terms of valuations relative to what can be obtained from private investors. The major downside of an IPO for owners looking for financing is that the transaction is not a one-off. Once they are public, they will be accountable to their shareholders and will need to be more transparent. Most companies are not prepared for this and need time and assistance strengthening their processes and functions. There are also ongoing costs, which will be incurred as a listed company, as well as the risk that the valuation of the company falls, either due to market conditions or poor results. One strong benefit, though, is that, if they are successful in listing, they will have the ability to raise capital quickly and as needed in future follow-on transactions.
How do owners decide on the financing route?
Some owners have a strong preference towards remaining private. This could be due to their industry, operating strategy, or other reasons, and if this is the case private debt or private equity raises makes the most sense.
For some owners, the preferences may be different and entail running a public company. This type of owner generally sees the listing as an important milestone and normally is interested in maintaining control. Companies run by these types of owners are typically a natural fit for a listing. Some owners also like the benefit of being able to quickly raise capital via follow on transactions, or being able to issue public stock in an M&A transaction. Both of these can only be gained by going public. Once owners understand the options, they usually have a clear preference towards one, and we support them through the process that they feel is a better fit.
How are exit transactions different?
In an exit transaction, the owners want to exit or reduce their ownership in the business. They are more focused on selling their holdings than raising capital for the company.
Owners exit investments for a wide variety of reasons. For example, perhaps, the owners and the management team have taken the company as far as they can, and need external expertise on executing a strategy to take the company to the next level. Owners could also have succession planning issues, and there may not be new owners or managers to step in to run the company as older ones retire or resign. If the owners are private equity investors, an exit should occur after a certain amount of time, typically between three to seven years after the original transaction took place, or when they have realized the target return on their investment.
While the different owners may exit for a wide variety of reasons, they typically have the same key focus when exiting. They want to obtain the best valuation they can get for the company and value options with the highest certainty of closing.
What about the options available to owners who are looking for an exit transaction? Can you also explain the advantages and disadvantages of to each transaction?
As mentioned before, owners who want to exit can either initiate a private sales process towards private equity investors or strategic investors or, in some cases, go down the IPO route.
IPOs are typically not done as full exits. Owners will sell a portion of their stock and have the option of reducing their holdings over time after the IPO. The risk from an exit perspective relates to valuation. Once listed, owners have less control over valuation, and the share price by nature will fluctuate. In addition, there may not be enough liquidity in the stock for the owner to fully exit in the future if future results do not meet expectations or if the free float is too low. Liquidity could also disappear due to factors external to the company, such as the financial crisis in 2008.
For these owners, the decision to exit over time depends on what upside they feel remains for the company, how quickly they need the capital, and what happens with the company’s valuation due to its operating results.
In good times, IPOs can offer comparable and even higher valuations than what can be obtained from private investors. However, IPO’s require quite a bit of preparation time, often more than in typical M&A transactions. A good IPO transaction can be boiled down to a compelling equity story; excellent leadership team and board; and effective finance, risk, and investor relations control and functions to ensure accurate and timely reporting and communication.
IPO M&A
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A sale to a private equity investor or a strategic investor is the other option – and by far the most exploited exit route. Private transactions tend to provide more certainty around closing because they are not as dependent on public investor sentiment and market volatility. They can potentially be negotiated and closed much quicker than a listing, and typically also involve or allow for a full exit.
One downside for the acquiree, though, is the due diligence process related to a private transaction. It is typically more comprehensive than going through a listing. Valuations in private transactions, depending on the economic cycle, can be higher than a public listing if selling to a strategic buyer who can afford to pay more due to strategic synergies.
Owners must always compare private investor valuations, public market valuations, and the valuation a strategic acquirer may pay. It is tricky because all three have moving parts, with valuations in the public markets always being subject to change. There is also always the risk of tightening credit markets, and changing sentiment among private investors.
Given this where do you typically recommend owners who want to exit start?
It typically starts with working with the owners to both understand and craft a compelling equity story. We help companies understand and explain their value proposition, and help them with both their business plans and equity story. Next, we discuss which exit option is right for the owners given the various advantages and disadvantages. As part of this discussion, we find a sample of peer companies and review current valuations in public markets, as well as recent private valuations paid for closed M&A deals to explore with the owners whether an exit is attractive at this point in time.
In the case where public market valuations are higher, we can advise the owner to consider a listing and concurrently run a dual track where they also entertain offers from interested private investors or companies. If a public listing is not right for the owners, we will discuss potential buyers, be it public investors or private investors with either a strategic or a financial interest.
Dual tracking has become quite a popular term, but how does it work in practice? Is it more expensive to run two plans at once?
Dual tracking can be quite cost effective and has a number of benefits, but puts a lot of strain on company management. A listing starts with understanding the company’s value, growth and business plans, and equity story. There is also some basic due diligence around the company’s legal and accounting practices. These documents are needed quite early in the process so that the company is able to conduct discussions with potential IPO investors. In practice, what we do is take these required documents and use them to shop the company and hold discussions with interested buyers. While the company is shopped, its managers will typically continue their preparation efforts towards a listing, which in some cases may offer the best initial valuation.
If for instance a strategic buyer becomes interested, the company will carry out serious negotiations concerning a sale. The costs to run a dual track process is relatively small because it utilizes and leverages the documentation that is required to begin the listing process.
Dual tracking also helps the company confirm if its initial ideas around valuation is correct and gives the company another option should markets become volatile or valuations for the relevant industry or peers drop. We feel that a company of a certain size can benefit from running a dual track and that, if it is done correctly, the incremental costs can be minimal. The company’s owners can also benefit substantially, should a strategic buyer get involved.
Can you explain to our readers how strategic buyers potentially affect the exit choice and process?
Sure, strategic buyers value the company differently and can typically afford to pay a premium because they are gaining some sort of strategic value in the transaction through either sales or cost synergies.
For example, if you think about the Instagram acquisition that Facebook completed a few years ago. Instagram obviously had value and potentially could have been listed or sold to another company, but given Facebook’s industry and market position, it was simply worth much more to them than to anyone else.
Also, consider a company that has patents on drugs that have completed clinical trials and are now in a position to begin commercializing these drugs. The investment case for this sort of company usually involves commercializing a product that is cheaper or better in some way compared to the existing options. The company delivering the existing option to the market will likely be interested in buying the new entrant and is likely willing to pay more for the acquisition.
Thanks for the informative overview Martin; it looks like preparation is a reoccurring theme regardless of whether an owner is interested in an M&A or IPO transaction. Why do you believe it is so important?
Preparation is important because it directly increases the chance of success regardless of the type of transaction. The quality of the financials and strength the company’s equity story will both increase the valuation paid as well as increase the likelihood of the transaction closing successfully.
Preparation also helps increase post transaction success. The company will need to report continuously in the future if it is listed, or will need to be integrated into the operating model of its new owners. Preparations help ensure either process is successful. We recommend that if owners are considering a transaction, that they start their preparation efforts as soon as possible.
Thank you, Martin, for sharing your insights with our readers.
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MethodologyNordic regionFor purposes of the commentary in this report, the Nordic region includes Denmark, Finland, Norway and Sweden.
What constitutes an IPO?Not all new admissions to the various exchanges covered are defined as IPOs for the purpose of this report. Our definition excludes secondary offerings, readmissions, transfers between markets, and listings where no capital is being raised, or shares placed with new investors. While not considered an IPO, this activity is covered separately in our publication.
Nordic IPO dataFor Denmark and Finland, we present IPOs listed on the Nasdaq OMX Nordic First North and Main Market exchanges. For Norway, we present IPOs listed on the Merkur Market, Oslo Børs, and Oslo Axess exchanges. For Sweden, we present IPOs listed on the Nasdaq OMX Nordic First North (including First North Premier) and Main Market exchanges, as well as IPOs listed on the AktieTorget and Nordic Growth Market MTF exchanges.
Our data is presented as of a certain cut-off date in order to allow processing of the data in time for the planned release date. Therefore, not all activity is reflected in the infographics if the activity occurred in the days after our cut-off. If a listing is not included in the current report, it will be captured in our next report, which will present year-to-date activity.
Nordic IPO data is based on data compiled for the Global IPO Trends Reports, as provided by a third-party data source. Our IPO data is cross checked against the Nordic exchanges, and if we are unable to verify an IPO transaction, it will be reported as a listing. Once we verify that the transaction was an IPO, it will be reported and included in the YTD IPO totals in the following quarterly report. Similar to the global IPO data, the Nordic data excludes non-operating companies such as trusts, investment funds, and special purpose acquisition companies (SPACs). The IPO totals presented are year-to-date and are continually updated and therefore subject to change.
Nordic follow-on dataFollow-on transactions include capital raises for companies already listed on an exchange. Nordic follow-on data is compiled by a third-party provider and is continually updated and therefore subject to change. Follow-on totals presented are year-to-date.
Nordic secondary dataSecondary offerings are offerings of securities by an existing shareholder of a listed company. Nordic secondary data is compiled by a third-party provider and is continually updated and therefore subject to change. Secondary totals are presented year-to-date.
Nordic M&A dataNordic M&A data is compiled by a third-party provider and is continually updated and therefore subject to change. Also, the data is not all-inclusive given the high number of private, undisclosed deals. The totals presented are year-to-date and include transactions for deals that feature either an acquirer or a target from Denmark, Finland, Norway or Sweden.
CurrencyAll figures are presented in U.S. dollars (US$) in order to facilitate comparison amongst the Nordic countries.
Disclaimer
The views reflected in the commentary and features of this
publication are not an endorsement of any party, company, business, etc.
but are the views of the author and do not necessarily reflect the views of the global EY organization or its
member firms.
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Claus KronbakIPO Leader [email protected]+45 2529 3444
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• For any company considering an IPO on a Nordic or international stock exchange, it is critical to map out the IPO value journey.
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