Shares of HiQ International AB (STO: HIQ) erupted more than 25% today after the private equity firm Triton made a takeover bid worth 3.9 billion crown ($445 million) in cash.
The Sweden-based IT consultancy firm has clients from industrial, telecom, and automotive sectors. Triton’s bid is dependent on reaching an acceptance level of at least 70%.
“HiQ has the opportunity to develop into a Northern European leader by building on its unique platforms… as well as its industry leading innovation, industrial and technology expertise. This would, however, require significant, long-term investments over several years,” said Triton’s Head of Nordics Thomas Hofvenstam in a statement.
Triton has bid 70 crowns per share, a premium of 25% compared to the yesterday closing price of 55.90 crowns per share.
“The pandemic has not been a big factor in our interest in the company and for us now making a bid. But this is a sector where we have seen a continuing demand, and the digitalization will of course keep going,” Hofvenstam said to Reuters.
HiQ share price is now trading at 70.3 crowns per share, close to its record high of 71.3, set in March 2018.