2M Invest, the Copenhagen Stock Exchange listed Danish/American-based venture capital company, will acquire Menire Advisors, the company managing and advising Menire Corporation. Menire Corporation is a publicly listed Finnish fund of A36.6 million with a portfolio of 15 companies. Menire Advisers also acts for Macceleration I KY, a limited liability partnership with a target size of A20 million and that has made one investment to date.
As far as the fit goes, Menire focuses on enhancing B2B mobility especially in software, wireless communications and e-Business and Macceleration focuses on mobile value added services. 2M Invest invests in early stage, expansion and development capital for communications and computer related companies. The partners at both Menire Advisors and 2M Invest have entrepreneurial and industrial backgrounds. Once the transaction gains shareholder approval, Menire Advisors will operate under the name 2M Invest Finland.
As part of the agreement, Menire Corporation will get co-investment rights with 2M Invest in its Nordic transactions. 2M Invest has committed to purchase A0.5 million worth of Menire Corporation stock in the market before April 30, 2001 and to subscribe for a A3 million convertible loan, pending the approval by the shareholders of Menire Corporation. Michael Mathiesen, CEO of 2M Invest, will join the board of Menire Corporation.
The Board of Directors of Menire Corporation will propose to the shareholders meeting of Menire Corporation an issue of an additional A3 million convertible loan to be subscribed by the existing shareholders on terms corresponding to those of the 2M Invest’s commitment.
As a part of the share purchase agreement, Seligson&Co Oyj, one of the sellers, has also committed to purchase A0.5 million of Menire Corporation stock in the market before March 31, 2001.