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NORWEGIAN FINANS HOLDING ASA

(NOFI)
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Nordax Launches Final Bid of $2.24 Billion for Norwegian Finans Holding

07/14/2021 | 12:28am EDT

By Dominic Chopping

STOCKHOLM--Sweden's Nordax Bank AB said Wednesday that it has launched a best and final bid of 19.6 billion Norwegian kroner ($2.24 billion) for Norwegian Finans Holding ASA, the owner of the internet bank started by Norwegian Air Shuttle ASA founder Bjorn Kjos.

Nordax had a NOK17.8 billion bid rejected in March, raising it to NOK18.7 billion in May.

Wednesday's revised offer comprises NOK105 in cash per share and will be reduced by the amount of any dividend or other distributions made by Norwegian Finans Holding, it said.

"While the objective of Nordax is to acquire Bank Norwegian in full, Nordax also sees substantial merit in becoming a majority shareholder," it said in a statement.

"To Nordax, this is about bringing together two strong businesses, capitalizing on their respective strengths, collaborating and jointly innovating the European banking sector," it added.

Nordic Capital Fund IX and Sampo Oyj, owning 16.40% and 6.33% respectively of Norwegian Finans Holding, have agreed to contribute their existing shares in exchange for shares in Nordax, conditional on completion of the offer.

Norwegian Finans Holding is the owner of Bank Norwegian AS, the online bank launched in 2007 as a support platform for Norwegian Air Shuttle's reward program.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

07-14-21 0228ET

Stocks mentioned in the article
ChangeLast1st jan.
NORWEGIAN FINANS HOLDING ASA 0.10% 104.7 Real-time Quote.42.99%
SAMPO OYJ -1.12% 43.09 Delayed Quote.26.06%
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Financials
Sales 2020 3 812 M 438 M 438 M
Net income 2020 1 887 M 217 M 217 M
Net Debt 2020 5 108 M 587 M 587 M
P/E ratio 2020 7,39x
Yield 2020 8,20%
Capitalization 19 208 M 2 148 M 2 208 M
EV / Sales 2019 5,82x
EV / Sales 2020 4,93x
Nbr of Employees 95
Free-Float -
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