EQT Partners AB's EQT Infrastructure V fund met the acceptances threshold to carry out its takeover of Torghatten ASA.

On Jan. 11, Hati BidCo AS received shareholder acceptances for 1,927,214 shares, corresponding to 4.31% of the shares in the Norwegian transportation services provider.

So far, the offer has been accepted by shareholders owning 31,169,223 shares or 69.75% of the issued and outstanding shares in the company, meeting the acceptance threshold of two-thirds of all Torghatten shares.

Torghatten shareholders have until Feb. 9 to accept EQT's offer.

EQT launched in December 2020 a voluntary cash offer for all outstanding shares in Torghatten for 175 Norwegian kroner per share, excluding the airline segment. Torghatten intends to distribute its shares in WF Holding AS, which owns the airline company Widerøe, for 17 kroner per share.

The offer values Torghatten at 8.58 billion kroner based on shares outstanding. The value of the offer, including the offer price and the value of the airline owner, of NOK 192 per share represents a premium of 14% compared to the last registered trading price of the Torghatten shares.

Nordea Bank ABP's Norway branch and Morgan Stanley & Co. International PLC are acting as EQT's financial advisers and Advokatfirmaet Selmer AS gives the offeror legal advice.

Arctic Securities AS and Arntzen de Besche Advokatfirma AS serve as Torghatten's financial and legal adviser, respectively.

As of Jan. 11, US$1 was equivalent to 8.54 Norwegian kroner.