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HiQ Share Price Skyrockets 26% on $445 Million Takeover Bid

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Updated: 26 August 2020

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 erupts on a takeover bid August 2020

HiQ share price is now trading at 70.3 crowns per share, close to its record high of 71.3, set in March 2018.