NCR OPUS
Published on October 19th 2020 in

Private Equity firm seeks delisting of Opus Group shares

Ograi BidCo AB, the firm formed by Searchlight Capital Partners and Opus CEO announced it now controls of more than 90% of the shares in Opus Group AB and is seeking a delisting of the firms share and initiate a compulsory redemption of the remaining shares.  The price paid in the transaction resulting in Ograi exceeding the 90% threshold was SEK10.70 per share, and with just over 290 million shares outstanding, the price values the firm at more than US$345 million.

Opus is the parent of the diagnostics firms including Drew Technologies, Autologic Diagnostics, Farsight, and Bluelink Diagnostic Solutions within its Intelligent Vehicle Support (IVS) division. In addition to the diagnostics business, Opus operates a vehicle inspection division that operates Integrated, technology-based, vehicle and emissions inspection programs ensuring roadworthiness and environmental compliance.

In December 2019, Searchlight Capital Partners together with Lothar Geilen, the chief executive officer of Opus Group AB announced a public offer to the shareholders of Opus Group AB to acquire all outstanding shares in the Sweden-based vehicle diagnostic and inspection firm through Ograi BidCo AB.

François Dekker, Partner at Searchlight, and Chairman of Opus, in his role as Partner at Searchlight, said: “We are pleased that Searchlight now controls more than 90% of the shares in Opus Group, enabling a delisting of the Company’s shares. We are convinced that the Company will benefit from operating under a private ownership and look forward to continuing our productive working relationship with the Opus team.”

Ograi has on this basis initiated compulsory redemption of the remaining shares in the Company, requested Opus to apply for delisting from Nasdaq Stockholm and requested an extraordinary general meeting to change the composition of the board of directors.

This article courtesy of Russell Thrall III, publisher CollisionWeek. Check out their website at: www.collisionweek.com.

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