Kongsberg Confirms Plans to Raise NOK5 Billion For Rolls-Royce Deal
12 October 2018 - 5:57PM
Dow Jones News
By Dominic Chopping
Norwegian technology group Kongsberg Gruppen ASA (KOG.OS)
confirmed plans on Friday to raise 5 billion Norwegian kroner ($608
million) via a fully underwritten rights issue to part finance its
acquisition of Rolls-Royce Commercial Marine.
Kongsberg previously announced a deal with Rolls-Royce Holdings
PLC (RR.LN) to buy its commercial marine business for a total of
500 million pounds ($661 million) as it looks to bolster its
offering to the maritime industry.
Norway's government, which owns 50% of Kongsberg, received
parliamentary consent earlier this week to participate in the
rights issue.
The other half of the rights issue is underwritten by a
syndicate consisting of DNB Markets and Danske Bank A/S
(DANSKE.KO).
The rights issue is subject to shareholder approval at an
extraordinary general meeting die to be held on November 2.
The subscription price for the new shares to be issued, the
number of new shares and the amount of the share capital increase
will be determined by the board prior to the EGM.
Arctic Securities AS, DNB and Danske Bank are acting as joint
global coordinators.
-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter:
@domchopping @WSJNordics
(END) Dow Jones Newswires
October 12, 2018 02:42 ET (06:42 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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