Norvestor has agreed to sell Intelecom Holding AS, a Norway-based provider of communications solutions in Western Europe, to Carrot Communications AS. No financial terms were disclosed. Norvestor acquired Intelecom in December 2008, taking it private from the Oslo Stock Exchange. This represents the first exit for Norvestor’s fifth fund.
Opplysningen 1881 AS, through its wholly owned subsidiary Carrot Communications AS, has entered into a Sale and Purchase Agreement with Intelecom Holding AS (the acquisition vehicle) for the acquisition of all shares in Intelecom Group AS (“Intelecom”).
Since the acquisition of Intelecom by Norvestor V, L.P., and the delisting of the company from the Oslo Stock Exchange in December 2008, Intelecom has continued its strong growth in revenue and profitability. The delisting has enabled the management to focus entirely on growth factors and strategic issues, and by doing so, the company has demonstrated its value potential. The conditions precedent for the Closing of the transaction includes approval by the Norwegian Competition Authorities.
Intelecom Group AS is a leading company in development, integration, delivery and operation of communication solutions to the enterprise market. The group has subsidiaries in Norway, Sweden, Denmark and the UK and supplies services and solutions that are adapted to the individual customer’s business and requirements. Intelecom customers regard communication as business critical and Intelecom addresses this by combining business understanding with advanced communication technology.
Norvestor Equity AS is a leading private equity company with the most experienced private equity team in Norway. The team has worked together since 1991 and has a combination of operational and private equity backgrounds. Norvestor Equity provides investment advice to funds that invest in growth companies in Norway and the Nordic region with the potential to become leading players in the Nordic market or internationally. Read more at www.norvestor.com