trending Market Intelligence /marketintelligence/en/news-insights/trending/3uPLUCwyt9bNLn8np88jsw2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Agasti Holding to be liquidated after selling remaining assets

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

Street Talk Episode 70 - Banks' Liquidity Conundrum Could Fuel M&A Activity

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

Agasti Holding to be liquidated after selling remaining assets

Agasti HoldingASA agreed July 6 to sell its 66% stake in Obligo Holding AS, alongwith units in 26 funds and a $2.5 million convertible loan to WunderlichInvestment Co. Inc., to Blackstone LP's Audrey Management Holdings Sárl for 215million Norwegian kroner.

The transaction, subject to approval from a general meetingexpected to be held Aug. 22, will leave Agasti with neither operations norassets upon completion. The company said its board believes that thebest way to maximize shareholder value is to liquidate the company anddistribute the net values to shareholders.

The transaction is expected to close during the thirdquarter, and Agasti will work toward liquidation as soon as practicallypossible thereafter.

Agasti established a new business through Obligo in October2015 after finding itself in a "challenging situation" three yearsearlier, when it had received several thousand complaints generating afinancial exposure of more than 500 million kroner. Blackstone Real EstateFunds acquired 34% ofAgasti's then operating business in October 2015, with Agasti continuing as apure investment company holding the remainder of Obligo, but without operationsof its own.

Obligo now manages more than 44 billion kroner in assetsdistributed among roughly 30 investment companies.

The majority of Agasti's board backs the proposedtransaction, while retaining the option to amend or withdraw its recommendationif a more attractive offer is received. A minority of the board will leave adecision in the hands of the general meeting.

Shareholders representing 39.89% of Agasti shares havecommitted to vote in favor of the transaction, which has a 2/3 approvalthreshold. The Agasti group will book a loss of 188 million kroner on thetransaction, representing the difference between the transaction considerationand the book value of the assets being sold. Agasti Holding will book a netprofit of 107 million kroner.

BAHR is the legal adviser to Blackstone, while Wikborg Reinis the legal adviser to Agasti for the transaction. ABG Sundal Collier isAgasti's financial adviser.

As of July 7, US$1 wasequivalent to 8.47 Norwegian kroner.