The pressured low-cost airline giant Norwegian is rising sharply after the news that the company has signed an agreement to sell its entire holding in Norwegian Finans for 2.2 billion Norwegian kroner.
The price for the holding is set at 68 Norwegian kroner per share, which corresponds to a premium of 15.4 percent compared to Friday's closing price. Unsurprisingly, Norwegian Finans rose 15 percent on Monday morning to trade in line with the premium.
Norwegian, in turn, traded up 12 percent at the opening on Monday morning, before falling back slightly. At 9:50 a.m., the share was quoted at 33.41 Norwegian kroner, corresponding to an increase of almost 6 percent.
The shares are being sold to Cidron Xingu Limited, which is controlled by Sampo and Nordic Capital. An initial 18.6 million shares will be sold, followed by an additional 14 million shares subject to regulatory approval.
When the deal is completed, Nordic Capital will control 20.8 million shares, corresponding to 11.1 percent of the capital. Sampo will take a smaller position of 11.8 million shares, corresponding to 6.3 percent of the capital.
Sampo is listed up 0.65 percent on the Helsinki Stock Exchange.
Source: di.se
