Ratos today decided, through LRT Acquisition, to complete the offer for Tornet. When the extended acceptance period expired last Friday, just over 71,000 of Tornet's shareholders, corresponding to approximately 81.4% of the share capital and voting rights, had accepted the offer. Ratos will invest SEK 670m for its 40% holding in LRT Acquisition.
The investment in Tornet is based on the assessment that the Swedish property market will undergo major structural changes in the years ahead. Tornet's well-run and well-diversified property portfolio offers good opportunities for an active owner to participate in the anticipated restructuring.
"We primarily invest in unlisted companies. But, says Ratos CEO Arne Karlsson, the situation that has now arisen in Tornet- where we will be a principal owner of a listed company - is a type of investment that we have previously identified as feasible for us."
The acquisition of Tornet marks Ratos's 25th investment since the private equity strategy was launched almost five years ago. Overall, Ratos has invested more than SEK 8 billion within private equity during this period.
"Ratos's normal holding period is three to seven years. Achieving the values we anticipate for Tornet will involve a holding period for today's investment at the longer end of this span," says Arne Karlsson.
For further information, please contact
Arne Karlsson, CEO, Ratos, +46 8 700 17 00
Anna-Karin Celsing, Head of Corporate Communications, Ratos, +46 8 700 17 49, +46 70 399 62 39