CapMan has sold portfolio company Setec to a Luxembourg based company Gemplus International S.A (Gemplus), which is listed on Euronext Paris. The transaction value was for €30m and 19 million Gemplus shares at a value of €1.92 per share.
CapMan owned 38.7% of Setec prior to the transaction and will reduce its stake to 1.2% upon completion of the transaction. The deal is subject to certain standard closing conditions, including regulatory clearance, and is expected to close in June 2005.
CapMan Equity VII and Swedestart Tech funds managed/advised by CapMan invested in Setec in October 2003, when they acquired 40% of the shares of Setec from the Bank of Finland.
The sale of Setec is the first exit from the CapMan Equity VII portfolio, which was launched in 2002.
Other selling shareholders in Setec include Finnish National Fund for Research and Development (Sitra), Finnish Industry Investment Ltd, Varma Mutual Employment Pension Insurance Company, Sampo Life Insurance, the company’s operative management and other key employees and the company itself.
Aventum Partners Oy is acting as financial advisor to the sellers and Castrén & Snellman as the legal advisor to the sellers in this transaction.