Finland-headquartered CapMan has acquired the remaining 49% of Russian private equity house Norum for €3.6m.
The latest transaction will be paid for in an even split between cash (€1.8m) and directed share issue (€1.8m) to the sellers. Following the purchase the remaining 40% of Norum’s shares will be transferred to CapMan’s ownership.
CapMan’s board of directors will issue over two million new CapMan shares for the purchase. Following the share issue there will be 77,674,965 CapMan shares values at €0.81 each.
The minority shareholders of Norum consist of the company’s management, who also act as investment professionals in the CapMan Russia team.
The Nordic firm first acquired Norum in August 2008 when 51% of Norum’s shares were transferred to CapMan’s ownership. CapMan recently closed The CapMan Russia Fund on €118m, missing its target of €150m.