SoftwareOne announces $1.3 bln deal to buy Norwegian rival Crayon (updated)

SoftwareOne Holding AG

19/12/2024 07:10

(Adds details, context throughout)
       Dec 19 (Reuters) - Swiss technology firm SoftwareOne
Holding  SWON.S  on Thursday announced a deal to acquire Crayon
Group Holding  CRAYN.OL  in a stock and cash offer that valued
its Norwegian competitor at around $1.34 billion.
        SoftwareOne said it would launch a recommended voluntary
stock and cash offer to acquire all outstanding shares in Crayon
which values the Norwegian firm at 172.50 Norwegian crowns 
($15.23) per share, representing a 36% premium.
    A spokesperson for SoftwareOne said there were around 88
million Crayon shares outstanding.
        SoftwareOne is valued at 10 Swiss francs per share in
the share exchange component, a premium of 38%, the companies
said in a joint statement, which noted that SoftwareOne
currently holds 1.9% of Crayon's share capital.
  
        The combined firm would have total revenue of around 1.6
billion francs ($1.78 billion) with a presence across more than
70 countries and around 13,000 employees, the statement said.
  
    Crayon's board of directors has unanimously resolved to
recommend Crayon shareholders accept the offer, it added.
        The deal would trigger accelerated growth and improved
profitability driven by run-rate cost synergies of 80-100
million francs to be reached within 18 months of completion,
according to the statement.
  
        That is incremental to SoftwareOne's previously
announced cost savings of over 50 million francs, as well as
significant revenue synergies.
  
        
  
($1 = 11.3461 Norwegian crowns)

($1 = 0.9002 Swiss francs)

 (Reporting by Paul Arnold and Rachel More)
 ((rachel.more@thomsonreuters.com;))