Vatne Equity AS agreed to subscribe for 4,859,358 new shares, or about 10% of the outstanding share capital in Solon Eiendom ASA, at 19.50 Norwegian kroner per share, or roughly 94.8 million kroner, in a private placement.
Solon will use the funds from the transaction to pursue its expansion strategy, to purchase real estate plots and for general corporate purposes.
The company expects the new shares to be issued and registered on or about Dec. 28.
Solon said in a release that its nomination committee backs the proposed election of Vatne Equity controller Runar Vatne to the company's board.
Arctic Securities AS was Solon's financial adviser for the private placement.
As of Dec. 15, US$1 was equivalent to about 8.36 Norwegian kroner.