The Norwegian company OBOS, a leading property developer in Norway that is also growing rapidly in the Swedish market, is to acquire 6.5 percent of the capital and 23.1 percent of the votes in NCC from Nordstjernan. OBOS possesses broad and in-depth industry know-how of the entire value chain, both as a residential developer and as the principal owner of the listed construction companies Veidekke and AF-Gruppen.
“We are very pleased about the opportunity to acquire this shareholding in NCC, which is one of the leading construction companies in the Nordic region, and we are looking forward to assuming an active role in developing the company together with Nordstjernan, the company’s Board of Directors and management,” says Daniel Kjørberg Siraj, CEO of OBOS.
“We look forward to having OBOS as a partner that is an expert in the sector. As an active owner, Nordstjernan has positive experiences of working in various forms of partnership. This year alone, we have, for example, invested in the diagnostics company Aidian and entered a partnership with the Norwegian holding company Ferd. The transaction with OBOS is similar to this model. NCC’s Board of Directors and management do a great job, and we believe in the company. As a continued active owner of NCC, we see that considerable long-term value creation remains,” says Peter Hofvenstam, CEO of Nordstjernan.
The transaction consists of 5 million Class A shares and 2 million Class B shares, with a purchase consideration amounting to SEK 772.5 million, corresponding to a volume-weighted price per share of about SEK 110. Following the transaction, Nordstjernan’s ownership amounts to about 5.0 million Class A shares and 4.7 million Class B shares, corresponding to 8.9 percent of capital and 24.3 percent of votes.
“For the last number of years, Nordstjernan has been undergoing a strategic transformation. This year alone, we have invested SEK 3 billion in new companies such as engcon, Norva24 and Aidian. From investing almost exclusively in a single sector – construction – we now have active investments in five sectors,” concludes Peter Hofvenstam.
Peter Hofvenstam
President and CEO
Nordstjernan AB
Questions will be answered by:
Stefan Stern, Head of Communications, Nordstjernan
Telephone: +46 70 636 74 17
E-mail: stefan.stern@nordstjernan.se
Nordstjernan is a family-controlled investment company whose business concept is to be an active owner that creates long-term value growth. More information about Nordstjernan can be found on www.nordstjernan.se.
At the start of Nordstjernan’s modern history in 1999, the only company in which it owned a stake was NCC. Since then, the portfolio has been diversified through returns, value creation and investments based on the sole company owned at that time.
Since 2020, Nordstjernan has developed a new sector-based strategy with long-term active investments in high-quality companies in sectors with sustainable competitive advantages and strong structural market trends. Less than one-fifth of Nordstjernan’s net asset value is currently comprised of holdings in the Construction & Real estate sector. Instead, the Health sector accounts for about one-third of the portfolio and the Industry & Trade sector accounts for more than two-fifths. The majority of the net asset value is currently derived from privately owned companies. The business consists of both listed and unlisted portfolio companies as well as corporate credits. More mature companies have also been supplemented with investments in smaller growth companies.
