Nordic Capital to acquire iLOQ
iLOQ's main shareholders have signed a contract for the sale of the firm to a company that is majority owned by Nordic Capital Fund IX for around EUR190 million. The final amount of the purchase price will be specified at the time of the completion of the transaction.
The transaction, which is subject to the approval of the necessary competition authorities, is expected to close in 2019.
iLOQ announced via press release back in May 2018 that it was to evaluate opportunities for the listing of the company’s shares and other possible options to ensure the company’s rapid growth and internationalisation. The Board of Directors' investigation is now complete.
“Nordic Capital is an ideal new owner to support the company's growth strategy and efforts to grow its business in global markets. This will also strengthen the company's position and increase its reputation among the various stakeholders in the company, s ays Harri Takanen, Chairman of the iLOQ’s Board
”iLOQ is a fast-growing company with revolutionising solutions with high expansion potential, driving a structural shift from mechanical locks to mechatronic or digital solutions. iLOQ’s patented solutions offer a strong value proposition to its customers, and the company has a promising innovation pipeline. We are highly impressed with management’s strong track record of successfully growing the business and look forward to further supporting the company’s development and international expansion,” says Robert Furuhjelm, Partner and Head of Finland, Nordic Capital Advisors.