CapMan Plc's Access sale called off
CapMan Plc Stock Exchange Release 10 October 2008 at 12.10 p.m.
With the cancellation of the transaction CapMan Plc's result in 2008 will fall clearly behind the 2007 result. The Spanish N+1 Group (N+1) has informed CapMan Plc that due to the current general financial crisis it is unable to utilise the pre-agreed financing for the acquisition of Access Capital Partners Group S.A. (Access) shares from CapMan Plc. As a result, N+1 intends to call off the transaction. CapMan Plc is waiting for a written notice on the matter from N+1, and will continue as a 35 per cent owner of Access. The parties continue to discuss possible other forms of co-operation.
CapMan Plc announced on 25 July 2008 that it has signed an agreement for the transfer of CapMan's 35 per cent stake in Access to N+1. The announced transaction price for Access shares was at the time of the signing at maximum EUR 23.3 million and the estimated impact of the transaction, when closed, EUR 18 million on CapMan Plc 2008 result. The transaction was expected to be closed by the end of 2008.
CapMan Plc continues as a 35 per cent shareholder in Access after the cancellation of the deal. The other owners are Access' Managing Partners. Access is a leading European private equity funds of funds manager with EUR 2.5 billion under management. The company has succeeded well in the past and is well poised to continue out-performing also in future due to its diversification and active portfolio management. Access also recently closed its fourth generation buyout fund of funds and is well positioned to benefit from the attractive investment opportunities of the current market situation.
For additional information, please contact:
Heikki Westerlund, CEO, CapMan Plc, tel. +358 50 559 6580 or +358 207 207 504
NASDAQ OMX Helsinki Ltd
CapMan is one of the leading alternative asset managers in the Nordic countries and manages Nordic funds with approximately EUR 3.2 billion in total capital. CapMan has six investment areas (CapMan Buyout, CapMan Technology, CapMan Life Science, CapMan Russia, CapMan Public Market and CapMan Real Estate), and each of them has a dedicated team and funds. Altogether CapMan employs 140 people in Helsinki, Stockholm, Copenhagen, Oslo and Moscow. CapMan was established in 1989 and its B shares are listed on the Helsinki Stock Exchange since 2001.