Listing and Private Placement
Cirio has advised BEWi in connection with its listing on Merkur Market, a multilateral trading facility operated by Oslo Stock Exchange and the successful private placement of existing shares in BEWi by its main shareholders Frøya Invest and Verdane of approximately 9.6 per cent of all the shares in BEWi for the total gross proceeds of NOK 274.7 million.
Nordea Bank Abp, filial i Norge, and SpareBank 1 Markets AS acted as Joint Bookrunners and Wikborg Rein acted as Norwegian legal counsel to BEWi.
Acquisitions and divestments
Cirio has also advised BEWi in connection with its NOK 400 million acquisition of BEWi Drift Holding AS (“BDH”) made in connection with the listing. BDH is a supplier of packaging products for use on land and at sea and solutions for insulation and the acquisition provides BEWi with an expanded product portfolio and geographic reach. The purchase price was paid in cash and by way of newly issued shares in BEWi. In connection with the acquisition of BDH, BEWi has also entered into a binding agreement to divest certain properties in Denmark for a cash consideration of approximately SEK 100 million. Through the divestment, BEWi increases its financial flexibility in support of the group’s strategy to further invest in growth opportunities.
Cirio’s team consisted of partners Carl Axel Morvay, Maria Arnoldsson and Dennis Luttropp Hansson together with Anton Zetterberg, Tim Johansson, Jessika Lagebro, Fredrik Eliasson, Joakim Blecher and Nina Lannsjö with competition law advice by Ulrica Salomon and Hanna Lekås.
BEWi is a leading international provider of packaging, components and insulation solutions, and the largest integrated Expandable Polystyrene (EPS) producer in Europe. By targeting growth through organic initiatives and M&A transactions, BEWi has a history of proven buy and-build strategy with around 20 acquisitions since 2014. The commitment to sustainability is integrated throughout the value chain, from the production of raw materials and end goods, to the recycling of used products. Since the start in the Norwegian archipelago at Frøya in 1980, the company create value for customers by offering sustainable solutions in innovative and efficient ways. With a vision to protect people and goods for a better every day, BEWi is leading the change towards a circular economy.
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