Fortnox receives joint cash offer from First Kraft and EQT

Investing.com -- Sweden-based accounting software company Fortnox announced on Monday that it had received a joint cash offer from its largest owner, First Kraft, and private equity group EQT (ST:EQTAB).

The offer values the firm at approximately 55 billion crowns ($5.51 billion).

Fortnox’s board of directors has unanimously recommended that shareholders accept the offer, as stated in a company release.

The offer price stands at 90 crowns per share, which is a 38% premium over the firm’s closing share price on March 28.

EQT expressed its intention to support Fortnox’s continued development, which will necessitate significant and long-term investments in product development.

Additionally, potential mergers and acquisitions initiatives that involve operational and financial risks are also expected. EQT communicated this in a separate statement.

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