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Sampo, Nordic Capital extend offer for Nordax after sealing 97% control

Finnish financial group Sampo Oyj and Nordic Capital Fund VIII LP will control more than 97% of consumer finance specialty lender Nordax Group AB (publ) based on the results of an offer to acquire all outstanding shares in the company.

The offer was accepted by shareholders representing roughly 23,044,054 shares in Nordax, equivalent to a 20.77% stake in the consumer finance specialty lender. The acceptance period will be extended to April 5 from March 21 to give remaining shareholders an additional opportunity to accept the offer, according to a March 22 statement.

The offer was made via bidding vehicle NDX Intressenter AB and is valued at 60 Swedish kronor per Nordax Group share in cash, amounting to about 6.66 billion kronor. The offer was declared unconditional March 15.

At the time the offer was announced, Sampo and Nordic Capital held a combined 30.04% stake in Nordax, equivalent to 33,326,883 shares. The two companies subsequently acquired an additional 51,318,929 shares in total, equivalent to 46.26% stake in Nordax, outside the offer.

Nordic Capital and Sampo thus own a total of 84,645,812 shares, corresponding to a 76.29% stake, and have undertaken to transfer all their shares in Nordax to NDX Intressenter with regard to completion of the offer. Along with the acceptances received in the offer, NDX Intressenter controls a total of 107,689,866 shares, or a 97.07% stake.

Following the offer's completion, Nordic Capital and Sampo will hold respective stakes of 63.75% and 36.25% in NDX Intressenter.