Funds advised by Apax Partners LLP, the global private equity house, have offered to acquire Norva24 Group AB (publ), a leading player in the underground infrastructure maintenance (UIM) industry in Europe, valuing all outstanding shares in Norva24 at approximately SEK 6.63 billion (c. USD 660 million).
Sweden-based Norva24 offers UIM services, such as emptying services, pressure flushing and pipe services. The company has a strong footprint of more than 80 branches in Norway, Germany, Sweden and Denmark, with approximately 2,000 employees.
The transaction, which is subject to regulatory and other customary conditions, is expected to close in Q2 2025.
The S&C London team representing regular client Apax Partners includes Karan Dinamani, Ben Perry, Robert Kearns, Vanessa Chia, Matthew Dempsey, Kate Fahy and Thomas Langford. Evan Simpson and Sarah Mishkin are advising on U.S. securities law matters and Andrew Thomson is advising on tax matters. German law advice was provided by Carsten Berrar, Florian Späth, Katharina Leonhardt and Felix Melchior.
S&C were co-counselled in Sweden by Setterwalls Advokatbrya AB.