Scandinavian pe firm Nordic capital agrees to buy out leading broadcasting graphics company vizrt for $374 million | Swedish private equity firm Nordic Capital last month announced
that it will pay about $374 million to buy digital media company Vizrt Ltd., offering a 32 percent premium for the Norway-based provider of 3D graphics and interactive tools for broadcasters. Nordic Capital said the bid — equal to 37 crowns, or $5.4, a share — has gained the backing of 51.5 percent of Vizrt shareholders,surpassing a simple-majority threshold.The deal is expected to close Jan. 31.
“Seeing is believing and in a growing market for video graphics, Vizrt has proven that it can shape the frontiers of broadcast graphics, video asset management and automation systems — driven by an exceptional culture and a very competent and dedicated organization,” said Nordic Capital partner Kim Gulstad, also adviser to the firm’s Nordic Capital Fund VIII,which will own Vizrt.
Gulstad said Nordic Capital will support global expansion for Bergen-headquartered Vizrt, which serves CNN, CBS, Fox,BBC and Al Jazeera with animation, maps,video editing and other tools. Vizrt’s board of directors have unanimously recommended shareholders approve the deal at their Dec. 18 meeting.
“We consider the cash based offer as fair and in the best interest of our shareholders,”Vizrt chairman Dag Opeda said in a statement.“We believe that Nordic Capital, with its breadth of expertise and proven track record of developing companies, will be a strong owner of Vizrt,” he added. ABG Sundal Collier Norge ASA is serving as financial adviser to Vizrt in the Nordic Capital acquisition. Carnegie AS is acting as financial adviser to Nordic Capital Fund VIII.