FASTATOR STRENGTHENS ITS PROPERTY MANAGEMENT CAPACITY BY ACQUIRING NORDIC PM
Fastator has signed a conditional agreement for the acquisition of 100% of the shares in Nordic PM, which operates in property management, letting of premises, property development and property transactions.
Property management is a key service for all of Fastator’s holdings. By acquiring Nordic PM, Fastator will secure the ability to offer an effectively priced financial and technical management service throughout the Fastator sphere. The acquisition also signifies Fastator’s step into a growing service market in the property sector and its establishment of a platform for further growth in this area.
Joakim Orthén will continue as President of Nordic PM, while also becoming a member of Fastator’s management group, where he will drive the synergies between the management services and the holding companies.
CEO of Fastator Daniel Hummel made the following comments on this transaction:
“The services offered by Nordic PM will contribute to enhancing the competitiveness of our other holding companies. We foresee major opportunities for synergies between Nordic PM and our holdings in Fastator. For Fastator’s shareholders, the acquisition of the company also offers the opportunity to participate in the strong growth of services related to the property sector. Nowadays, property management is a fragmented market, in which major efficiency gains can be achieved through increased consolidation with larger units.”
Nordic PM currently manages 125 properties from Luleå to Malmö, with a total floor space of 1,100,000 sqm. The company has a broad customer portfolio of leading property companies. The clients include Offentliga Hus i Norden, which is part-owned by Fastator.
The purchase consideration for 100% of the shares amounts to MSEK 14 and will be paid in cash. A supplementary purchase consideration of MSEK 6 may be paid three years after the transfer depending on Nordic PM’s results over a three-year period. Prior to selling, the seller of the shares in Nordic PM is bound to offer the shares to a third party that has right of first refusal. The transfer is thus conditional upon the third party declining the acquisition of the shares on corresponding conditions to Fastator. If the offer of first refusal is accepted, the transfer of shares to Fastator will be reversed.
Transfer will occur in the fourth quarter, provided the transaction has not been reversed.
For more information, please contact:
Daniel Hummel, CEO
+46 (0)70 661 24 29
Erika Kveldstad, CFO
+46 (0)70 339 99 99
This is information of the type that Fastator is obligated to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication by the contact persons detailed above on 25 August 2016 at 5:15 p.m.
Aktiebolaget Fastator (publ) is an investment company specialised in the property sector. Fastator’s business concept is to invest in entrepreneurial, property-related companies and to contribute to the achievement of unrealised potential through active, long-term ownership. Fastator’s share has been traded on Nasdaq First North Stockholm since 24 September 2015. The company’s Certified Adviser is Erik Penser Bank AB (publ), tel. +46 (0)8 463 80 00.