Stepping into the Breach

Nordic Capital‘s portfolio company Cidron Services has mandated Nordea Bank, Pohjola Bank (formerly OKO Bank PLC) and Swedbank AB to arrange debt backing a €1.1bn buyout offer for listed Finnish IT services business TietoEnator Corporation. A takeover offer was announced on March 20; the offer acceptance period is expected to begin on April 2 and to end on April 28. Cidron, which already holds a 4.4% stake in the target, said the offer is subject to a 90% shareholder acceptance rate. The TietoEnator Corporation board said it is currently evaluating the offer.

• Syndication of Media&Broadcast through physical bookrunners BNP Paribas and Goldman Sachs, with bookrunners ABN AMRO, Calyon, Dexia and SG, has closed oversubscribed, a result that will hearten arrangers across the market. The bulk of interest has come from banks, with around half a dozen funds also participating. The small oversubscription will see some scalebacks, but mainly it allows the leads to bring down their final hold positions, which should aid the deal’s stability in any secondary trading.

Barclays and HSBC have been mandated to arrange the senior debt backing KKR’s buyout of Northgate Information Solutions. Goldman Sachs and Park Square have underwritten a mezzanine tranche. KKR has completed its tender offer to acquire Northgate’s entire ordinary share capital in a take-private deal worth £668m.