With reference to the announcement on July 6th 2013, FSN Capital is pleased to announce that FSN Capital’s acquisition of Validus was completed on August 30th 2013. FSN Capital is now the owner of 60% of the shares in Validus, while NorgesGruppen retains a 40% stake.
Following FSN Capital’s acquisition of Validus, which before the transaction held 133,287,482 shares in Bringwell, corresponding to c. 51.6% of the outstanding shares, Validus has decided to reduce its ownership in Bringwell through a sale of 56,000,000 shares, corresponding to c. 21.7% of the outstanding shares, to SEB. SEB and Validus have simultaneously entered into a share swap transaction, whereby Validus retains the full economic exposure in the shares on a synthetic basis, while the ownership and thereby the voting power lies solely with SEB as shareholder. SEB has informed that its intention is to sell its Bringwell shares in a structured way in the foreseeable future.
Following the sale to SEB, Validus’ ownership in Bringwell amounts to 77,287,482 shares, representing c. 29.9% of the outstanding shares. As a consequence, neither FSN Capital nor Validus will be obliged to make a mandatory public offer for the remaining outstanding shares in Bringwell.
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