Acquisitions in Norway

Volue announced that TA Associates has joined as a new strategic investor in the Oslo-based electrification and energy technology company, alongside existing investors Advent International, Generation Investment Management, and Arendals Fossekompani. The investment is intended to support Volue’s next phase of growth, including innovation, expansion, and future M&A, following its recent strategic refocus on the energy sector and divestiture of non-core activities.

Det-Tronics, a global provider of fire and gas safety systems and part of Spectrum Safety Solutions, acquired Optronics, a Norway-based specialist in optical gas detection technologies. Founded in 2018, Optronics provides high-end optical gas detection products and solutions for energy, marine, and industrial applications. The acquisition expands Det-Tronics’ gas detection technology portfolio and supports its growth and innovation strategy.

NTT DATA has acquired The Cloud People Group AS, a Europe-based pure-play ServiceNow partner, to expand its ServiceNow expertise and strengthen its reach across the Nordics, Central Europe and other international markets. The Cloud People, headquartered in Oslo, will become part of NTT DATA Business Solutions and will continue operating independently under the brand “The Cloud People, an NTT DATA Business Solutions company.”

4human, a Nordic provider of HR and quality management (QMS) software, secured a strategic growth investment from Accel-KKR. The partnership is intended to support product innovation and the scaling of 4human’s cloud-based HRM and HSE/quality/risk management solutions across the Nordic and broader European markets; financial terms were not disclosed.

Summa Equity has sold its remaining stake in Infobric, a software solutions provider for the European construction industry, completing a full exit. The buyer is KKR Global Impact, which acquires ownership of Infobric following Summa’s investment beginning in 2019.

Aker Horizons ASA completed the merger of its subsidiary, Aker Horizons Holding AS (AKHH), with AKH HoldCo AS, a subsidiary of Aker ASA, following satisfaction of closing conditions and registration in the Norwegian Register of Business Enterprises. Eligible Aker Horizons shareholders received merger consideration of NOK 0.267963 in cash and 0.001898 Aker ASA shares per Aker Horizons share (with fractional shares rounded down and handled via sale by DNB Bank ASA). The transaction was structured alongside an in-kind dividend distribution of AKHH shares to allow Aker Horizons shareholders to benefit directly from the merger consideration.

Fairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management, acquired Vestdavit, a Bergen, Norway-based supplier of davits and advanced boat-handling/launch-and-recovery systems for naval, coast guard, and offshore operators. FMD purchased all equity in Vestdavit from its four owners for an undisclosed amount, adding Vestdavit’s manufacturing facility in Poland and service centers in the Netherlands and Seattle to expand FMD’s global support footprint and integrated maritime equipment capabilities.

Volaris Group, an operating group of Constellation Software Inc., announced the acquisition of Maze Feedback AS, a Norway-based SaaS provider of customer experience (CX) software for retailers. Maze Feedback will continue to operate independently under CEO Frode Berg and will report into Volaris Group’s Ulsted Portfolio.

Main Capital Partners announced a majority investment in Xait, a Norwegian provider of collaborative document creation and CPQ (Configure, Price, and Quote) solutions. Main will support Xait’s management team in accelerating international growth and pursuing a selective buy-and-build strategy to expand the business globally.

BU portfolio company stp.one acquired/entered into a partnership to acquire Legala, a cloud-native legal tech SaaS provider headquartered in Oslo, to expand into Scandinavia. Legala is a market leader in estate administration and insolvency law software in Scandinavia and has broadened into modern SaaS and AI solutions for law firms. The deal supports stp.one’s strategy to build a leading European legal tech platform and positions Legala as a local M&A platform to drive further acquisitions in Northern Europe.

JDM Technology Group, a provider of construction software solutions, has acquired Bergen-based Infotech AS, which develops construction site software for the Nordic construction industry. The transaction closed on July 3, 2025; financial terms were not disclosed. Infotech will continue operating as a separate brand under CEO Eirik Ree.

Lyse has agreed to bring HitecVision in as a co-owner of Altibox Carrier, with HitecVision acquiring a 50% ownership stake in the business. Altibox Carrier, carved out from Lyse via a joint venture structure, will operate as an independent company focused on expanding high-speed fiber infrastructure serving data centers across the Nordics and Northern Europe.

HitecVision completed its acquisition of Vow Green Metals and became the company’s new majority shareholder after securing 91.4% acceptance through its entity Midas Industri AS. Vardar AS and Skagerak Energipartner AS will remain shareholders alongside HitecVision to support Vow Green Metals’ plan to scale biocarbon production capacity via its Hønefoss facility and additional plants in Norway, and the company is being delisted from Euronext Growth Oslo.

Summa Equity has fully exited its investment in Norwegian digital records management company Documaster, selling the business to software investor Main Capital. Documaster, founded in 2014 and headquartered in Oslo, provides cloud-native document management and e-archiving solutions for public sector and regulated customers across the Nordics and the Netherlands.

Procore Technologies, Inc. announced the acquisitions of Novorender and FlyPaper Technologies to expand its Building Information Modeling (BIM) capabilities. The deals are intended to enhance 3D model visualization, model processing performance, and AI-enabled design coordination and clash detection across the Procore construction management platform.

Lineage, Inc. has completed the acquisition of Permanor AS, a provider of cold storage and logistics solutions in Norway. The deal adds Permanor’s operations and properties in Haugesund and Brumunddal, strengthening Lineage’s temperature-controlled logistics footprint across Norway and the broader Nordic region.

Done.ai Group AB entered into an agreement to acquire Huddlestock Fintech AS’s Investment-as-a-Service (IaaS) platform by purchasing 100% of the shares in Huddlestock Investor Services AS, Huddlestock AB, and Huddlestock Technologies AB. The deal values the acquired businesses at an enterprise value of MNOK 70 and will integrate Huddlestock’s investment infrastructure into Done.ai’s AI-native fintech offering across the Nordics. Closing of the Huddlestock Investor Services AS transfer is subject to approval by the Norwegian Financial Authority (Finanstilsynet).

PharmaLogic Holdings Corp. agreed to and subsequently completed the acquisition of a majority stake in Agilera Pharma AS from Norway’s Institute for Energy Technology (IFE). The deal expands PharmaLogic’s radiopharmaceutical therapeutics CDMO platform by adding Agilera’s development, manufacturing, and global distribution capabilities, including commercial-scale supply to more than 30 countries. Financial terms were not disclosed, and Solomon Partners Securities, LLC advised PharmaLogic.

The Chouest Group has acquired Kystdesign, an Aksdal, Norway-based manufacturer of remotely operated vehicle (ROV) systems. The deal is intended to strengthen Chouest’s subsea and underwater robotics capabilities and support Kystdesign’s existing clients. Kystdesign will also enhance in-house solutions for Chouest portfolio companies C-Innovation and ROVOP.

Valedo Partners IV AB (Valedo) has entered into a strategic partnership and investment in Admento, a Norwegian provider of accounting and other BPO-related services, to support and accelerate its expansion. Admento’s previous owners, employees, and board members also invested alongside Valedo. Transaction terms were not disclosed.

Optio Group, a London-based independent specialty managing general agent (MGA), has acquired Norwegian marine MGA S Insurance AS for an undisclosed sum, following receipt of regulatory approvals (after initially being announced subject to approval). Headquartered in Bergen with offices in Oslo, S Insurance specializes in marine hull underwriting globally, and the deal is intended to strengthen Optio’s marine capabilities and support expansion of S Insurance’s product and geographic reach as part of Optio’s European buy-and-build strategy.

Nordic private equity firm Norvestor, through its fund Norvestor IX SCSp, acquired Kongsberg Maritime’s Steering Gear and Rudder business in a carve-out transaction and established the new company Neuver Maritime. The deal, originally announced on 2 September 2024, closed on 3 March 2025 following separation of the business from Kongsberg Maritime; Neuver Maritime is headquartered in Brattvåg, Norway.

Akastor ASA completed the acquisition of all of Mitsui & Co., Ltd.’s interests in AKOFS Offshore AS, increasing Akastor’s ownership to 75%. In parallel, Akastor and Mitsui O.S.K. Lines, Ltd. (MOL) signed a new shareholders agreement and agreed that Akastor will transfer an additional 8.3% stake to MOL (expected to close in Q1 2025), resulting in ownership of approximately two-thirds for Akastor and one-third for MOL.

Carlyle’s Global Credit platform, led by Carlyle Credit Opportunities, provided NOK 2,750 million (about $250 million) in strategic capital to Jordanes ASA, a Norway-based Scandinavian consumer brand house. The financing will support a management buyout led by co-founders Jan Bodd and Stig Sunde, refinance existing indebtedness, and provide capital for future growth including potential M&A.

DNO ASA agreed to acquire 100% of Sval Energi Group AS from HitecVision for USD 450 million in cash (USD 1.6 billion enterprise value). The deal is expected to close mid-year 2025, subject to Norwegian regulatory and competition approvals, and will significantly increase DNO’s North Sea production and reserves. The MLK wind farm will be carved out prior to closing and is not included in the transaction.

Spring Capital sold its ownership stake in Dossier Solutions AS, a provider of healthcare competency management software. The company will enter its next growth phase under the leadership of new investors MTIP and Peakstone.

Morgan Stanley Investment Management, through funds managed by Morgan Stanley Infrastructure Partners, agreed to sell its 50% ownership stake in Larus Holding Limited (the parent of Höegh Evi Ltd.) to funds managed by Igneo Infrastructure Partners. Aequitas Limited, indirectly controlled by Leif O. Høegh and the Høegh Family trusts, will retain its remaining 50% ownership stake in the business.

UK-based payments company Sokin has acquired Norwegian fintech Settle Group AS (Settle) for an undisclosed amount. Sokin expects the deal to enhance its Sokin Pay technology offering and provide a European EMI license to strengthen its presence across the EU and support regional growth.

Norvestor VII, L.P. has signed an agreement to divest 4Service Holding AS and its subsidiaries (4Service) to Compass Holding Norway AS. 4Service is a Norway-based provider of food and facilities management services across food & facilities, cleaning & maintenance, and accommodation, and is headquartered in Oslo. The transaction is subject to approval from the competition authorities.

Renta Group Oy (Renta) acquired Tunnel Support AS and Tunnel Support Sverige AB (together, Tunnel Support) from Andersen Mek Verksted AS. Tunnel Support rents specialized machinery for tunnelling infrastructure projects in Norway and Sweden and is headquartered in Bergen, Norway. The transaction closed on 31 October 2024, strengthening Renta’s position in the tunnelling infrastructure rental segment.

The Riverside Company’s portfolio company Montel Group signed a definitive agreement to acquire the assets of SKM Market Predictor, a Nordic power and renewables analysis and advisory services provider. The deal is an add-on acquisition intended to strengthen Montel’s Nordic energy data, news, and analytics offering, including SKM’s web-based SYSPOWER forecasting and analytics platform.

Rantalainen Group (RAN Group Oy), which is majority-owned by Norvestor VIII SCSp and Norvestor IX SCSp, has agreed to acquire Value Group AS, a Norwegian provider of accounting, payroll and HR services. The deal expands Rantalainen into Norway and is intended to accelerate its Nordic consolidation strategy in outsourced accounting and payroll services. The transaction is expected to close in Q4 2024, subject to customary closing conditions.

STOK, a portfolio company of A&M Capital Europe, entered into a binding agreement to carve out and acquire BEWI’s packaging trading business (BEWI Food), a food-packaging distributor operating in Norway and Iceland. BEWI will reinvest a portion of the sale proceeds into the combined company. The deal is described as STOK’s first add-on acquisition since A&M Capital Europe’s investment in April 2024.

Arendals Fossekompani, Advent International and Generation Investment Management, via their indirect subsidiary Edison Bidco, completed a voluntary cash tender offer to acquire Volue. The buyers intend to support Volue’s next phase of growth as a provider of software and data solutions for the energy and infrastructure sectors. Volue is headquartered in Oslo, Norway.

Funds managed by Castik Capital acquired a 55% majority stake in Aider, a Norwegian accounting and consulting firm. More than 160 Aider employees will remain shareholders with a combined 45% stake, while the founders continue in leadership roles as the company pursues further growth and acquisitions.

Novo Holdings agreed to acquire a majority stake in Stingray Marine Solutions, an Oslo-based aquaculture technology company. Stingray provides camera-vision, software, and laser-based systems that remove sea lice from farmed fish, improving fish welfare and operational efficiency for salmon producers.

Jernbro, a Swedish provider of industrial maintenance and projects, agreed to acquire Veltec, an industrial services leader with significant operations in Norway and Denmark. The combination expands Jernbro’s industrial services footprint across Scandinavia and strengthens capabilities across multiple industrial sectors. Jernbro is backed by private equity firm Bluewater, and closing is expected in September subject to customary conditions.

IK Partners, through its IK Small Cap III fund, signed an agreement to invest in Kran og Industri Service (KIS), a Norwegian provider of inspection, certification, and maintenance services for cranes and lifting equipment. KIS management and employees are partnering in the deal, with most reinvesting; financial terms were not disclosed.

American Industrial Partners (AIP) acquired a 60% ownership position in Aker BioMarine’s Feed Ingredients segment, which will be held in a newly established entity, Aker BioMarine Antarctic Holding II AS. Aker ASA (via its wholly owned subsidiary Aker Capital AS) will retain a 40% ownership stake alongside AIP.

Macquarie Asset Management finalized its investment to acquire a 49.9% stake in Hydro Rein from Hydro for approximately US$332 million. The investment, held via the Macquarie Green Energy and Climate Opportunities Fund, is intended to help finance Hydro Rein’s renewable energy project pipeline across the Nordics and Brazil.

Solenis acquired 100% of Lilleborg shares from Orkla on June 12, 2024. Lilleborg, headquartered in Oslo, Norway, supplies professional cleaning and hygiene solutions, and the deal expands Solenis/Diversey’s institutional and food & beverage offering and provides a direct channel into the Norwegian market.

Norvestor IX SCSp ("Norvestor IX") signed an agreement to acquire Serwent Holding AS, an underground infrastructure maintenance specialist operating across Scandinavia. Serwent was carved out from Recover Group in 2023 (majority owned by a fund managed by EQT), and the deal is expected to close in Q3 2024 subject to customary conditions. Following closing, Norvestor will become the largest shareholder, alongside Serwent’s management and key employees.

Moreld entered into an agreement to acquire Ocean Installer, a Stavanger-headquartered provider of marine construction and offshore energy solutions, from private equity firm HitecVision. The deal expands Moreld’s capabilities into subsea engineering and construction services and will integrate Ocean Installer into the Moreld Group as a standalone sister company alongside Moreld Apply and Global Maritime, subject to Norwegian competition approval.

Kymera International signed a definitive agreement to acquire Fiven ASA, a producer of advanced silicon carbide materials, from OpenGate Capital. The transaction is expected to close subject to customary regulatory approvals, and financial terms were not disclosed.

Triton-backed Techouse Group AS has signed an agreement to acquire Eureka Group AS, a supplier of water pumps and genset solutions for offshore installations. Eureka is being acquired from Remold Invest AS (owned by funds managed by HitecVision) and Aker Capital AS and will continue operating under the Eureka brand as a separate subsidiary within Techouse Group.

The Riverside Company has acquired Arbeidsmiljø og Energiteknikk AS (AET), a Norwegian distributor of third-party consumables and laboratory/cleaning equipment, from RA Service AS and management. The deal is an add-on acquisition to Riverside’s portfolio company Dastex Reinraumzubehör GmbH & Co. KG (Dastex), expanding Dastex’s footprint into Norway and strengthening its position in the Nordics. AET’s CEO Barbro Reiersøl will continue to lead the Norwegian operations post-transaction.

EnTrust Global’s Blue Ocean strategy completed the acquisition of Offshore Merchant Partners (OMP), an Oslo-based alternative investment fund manager focused on the maritime and energy sectors, from HitecVision. The transaction closed on April 25, 2024, and will provide OMP access to Blue Ocean capital for future investments while its team continues managing the existing portfolio.

Triton Smaller Mid-Cap Fund I (advised by Triton) signed an agreement to sell Nemas Holdco AS (Norstat), a European market research data collection platform, to Nalka Invest in partnership with Kirk Kapital. Financial terms were not disclosed, and closing is subject to customary regulatory approvals.

Private equity firm GRO has agreed to acquire a majority stake in Catenda AS, a Norwegian provider of BIM/CDE collaboration and data exchange software for construction and infrastructure projects. Spring Capital (via its Scandinavian entity Polaris / Spring Capital Polaris), Catenda’s lead investor to date, is selling all of its shares as part of the transaction, with GRO injecting growth capital to support Catenda’s global scaling.

Summa Equity, through Summa Equity Fund III, announced an investment in STIM AS, a leading supplier of fish health products and services to the aquaculture industry. The transaction is structured as a partnership with STIM founder Jim-Roger Nordly to support global expansion, new growth verticals, and intensified product development and service offerings focused on fish health and sustainability.

CAI Software, LLC, a portfolio company of STG, acquired Maritech AS, a cloud-based ERP provider serving the seafood and logistics industries across Europe and North America. The combination expands CAI’s ERP capabilities for seafood processors and distributors across functions including purchasing, processing, sales, traceability, logistics, and reporting. Broodstock will continue as an investor in the combined company.

Norway-based seafood analysis firm Kontali acquired the Nasdaq Salmon Index, a benchmark used across the salmon industry value chain and for derivatives trading at the Fish Pool exchange. Nasdaq had operated the index since 2008, and Kontali plans to enhance it with additional services and features going forward.

Vår Energi ASA completed the acquisition of 100% of Neptune Energy Norge AS (Neptune Norway) from Neptune Energy Group, adding Neptune’s Norwegian oil and gas portfolio on the Norwegian Continental Shelf. The deal, effective 1 January 2023 and closed 31 January 2024, was financed with Vår Energi’s liquidity and credit facilities and resulted in net cash consideration at completion of about USD 1.2 billion (after cash in Neptune Norway), based on an agreed enterprise value of roughly USD 2.3 billion. The Norway sale was part of a broader, inter-conditional set of transactions in which Eni agreed to acquire Neptune’s remaining global business excluding Norway and Germany, with Neptune’s Germany operations carved out prior to closing.

McIntyre Partners, in a consortium with Velocity Partners, has acquired the core business of Moreld Group (collectively “Moreld”), including Moreld Apply, Moreld Ross Offshore, and Moreld Global Martine. The business was purchased from funds managed by HitecVision, with incumbent management retaining a significant minority stake as the group continues to provide offshore engineering services to the energy and marine industries on the Norwegian Continental Shelf.

Visma expanded its shareholder base through a secondary sale and related financing that values the company at EUR 19 billion. The transaction brings in around 20 new investors contributing over €1 billion of equity, alongside approximately €3 billion of new investment from existing shareholders led by majority investor Hg. New investors named include Altaroc, Jane Street, NPS and NYC Retirement System, with existing co-investors including ICG, TPG and Visma management continuing their involvement.

American Industrial Partners (AIP), through American Industrial Partners Capital Fund VII, became the majority and controlling shareholder of Norway-based AquaShip AS and Intership AS and will merge the two companies into a combined global aqua service vessel operator. London-based Alchemy exited by selling its entire stake in Intership, while AILP (majority-owned by AMERRA) and management will continue as shareholders; Talweg Capital co-invested alongside AIP.

PHM Group signed an agreement on 20 September 2023 to acquire Sefbo Holding AS, a Norwegian residential property services provider headquartered in Oslo. Sefbo is being sold by a Valedo Partners-managed fund (majority owner) alongside Sefbo employees and management; certain minority shareholders and Sefbo management will reinvest and remain minority shareholders in PHM. The transaction terms were not disclosed and closing is subject to approval by the Norwegian Competition Authority, expected in Q4 2023.

MW Investment B.V., an acquisition vehicle jointly controlled by Marlin Equity Partners and Altor, completed the take-private acquisition of Meltwater on August 9, 2023. Meltwater shareholders received NOK 18.00 per share in cash, shares in the offeror, or a combination, and Meltwater was subsequently delisted from the Oslo Stock Exchange.

Cadre AS has acquired Bekk og Strøm AS, adding seven operating small-scale hydropower plants to its portfolio. The acquisition also includes a development pipeline of nine hydropower projects, expanding Cadre’s total hydropower portfolio to more than 400 GWh and improving its geographic diversification in Norway.

Bluewater has sold Techouse AS to Triton, a Norwegian strategic buyer and private equity firm. Triton plans to integrate Techouse into a group holding structure alongside Cubility AS, an existing Triton portfolio company. Transaction terms were not disclosed.

Renta Group Oy has agreed to acquire Mylift Holding AS, a Norwegian general equipment rental company serving the northern Oslo region and Innlandet. The deal expands Renta’s nationwide rental network in Norway and enhances its offering in site modules and scaffolding services via Mylift’s subsidiary Mylift & Borud Stillas AS. The transaction is expected to close following review and approval by the Norwegian Competition Authority.

Norvestor signed and closed an agreement to divest Kabal Holding AS and its subsidiaries to Insight Venture Management LLC (Insight Partners). Kabal is a provider of logistics software for the global energy industry, serving operators and supplier companies worldwide.

Aspia has acquired Prokuria Polar, a fast-growing Norwegian accountancy group specializing in accounting, payroll, and business advisory. The deal expands Aspia’s presence in Norway and strengthens its broader Nordic offering across accounting, financial reporting, and advisory services.

Innova Capital sold its equity stake in Flokk Group as part of a broader transaction in which Triton Fund IV transferred four portfolio companies—including Flokk—to the newly formed Triton IV Continuation Fund. The deal represents an exit for Innova and its minority co-investors from Flokk, a leading European office seating manufacturer.

EG, a Nordic software company, closed its acquisition of PatientSky Saas Norway AS and PatientSky APP AS, including the businesses Hove Medical Systems, Infodoc, PatientSky Clinic, and PatientSky App. The transaction completed on 20 April 2023 following satisfaction of closing conditions, including competition authority approval. PatientSky is a leading provider of cloud-based EHR solutions for primary care in Norway.

TimeXtender, a data management and data warehouse automation software company, has acquired BI Builders, the developer of the Xpert BI data automation software platform. The deal is intended to create a more comprehensive data automation offering and strengthen TimeXtender’s position in the global data management and data warehouse automation market, with backing from Monterro mentioned in the announcement.

Renta Group Oy has agreed to acquire Høyde-Service Utleie AS, a Norwegian general equipment rental company with four depots in Oslo, Sandefjord, Porsgrunn, and Arendal. The deal expands Renta’s nationwide rental network and strengthens its presence in south-eastern Norway, with completion expected in April.

Roadworks, which is majority owned by Norvestor, signed an agreement to divest Veidrift AS to Ramudden AS. The combination is expected to create a leading provider of road work zone safety solutions in Norway. Veidrift will add road warning and work zone safety services, including road safety equipment rental, to the Ramudden Group.

Valedo Partners III AB (Valedo) has made an investment in Proteria AS, a Norwegian provider of freight and customs management software, through a strategic partnership to support accelerated expansion and growth. Proteria’s previous owners, employees, and board members also reinvested in the company, and transaction terms were not disclosed.

Miss Group, a fast-growing web hosting business backed by Perwyn, acquired Norwegian domain registrar Domene AS in its second acquisition of 2023. Domene AS provides domain registration, web hosting and email services and will be integrated into Miss Group’s Nordic portfolio, with Domene founder and CEO Finn Krøvel departing post-acquisition.

EQT Infrastructure is combining its ferry transportation portfolio companies Molslinjen (Denmark) and Torghatten (Norway) to launch Nordic Ferry Infrastructure (NFI), a pan-Nordic operator with over 65 routes and more than 16 million passengers annually. Molslinjen and Torghatten will continue to operate under their existing brands, with NFI headquartered in Oslo and Carsten Jensen appointed as group CEO. EQT Infrastructure plans continued investment in fleet decarbonization and electrification.

Summa Equity, together with co-investors Verdane and Kinnevik, invested NOK 1.5 billion of new equity into Norwegian online grocery retailer Oda to support its growth and profitability ambitions. Existing shareholders Rasmussen Group, Prosus and Kinnevik also agreed to add NOK 621 million via debt conversion, implying a post-transaction equity value of approximately NOK 3.5 billion.

Sval Energi AS agreed to acquire Suncor Energy’s Norwegian subsidiary, Suncor Energy Norge AS, adding interests in the Oda and Fenja fields plus additional licenses on the Norwegian Continental Shelf. The deal includes the transfer of Suncor Energy Norge employees to Sval Energi and has a commercial effective date of 1 March 2022; the acquisition was later reported as closed on 30 September.

Orange Business Services acquired Basefarm, Login Consultants, and The unbelievable Machine Company (*um) and has consolidated these businesses under the Orange brand. The acquisitions expand Orange Business Services’ cloud-centric capabilities, adding cloud infrastructure/services, big data and data science, cloud hosting, and virtual desktop infrastructure expertise to its digital services portfolio.

HMH Holdings B.V. announced the closing of its acquisition of Electrical Subsea & Drilling AS (ESD), a Bergen, Norway-based company. ESD holds patents and technology for the oil and gas industry, including electronic blowout preventers and rotating control devices for riserless drilling and managed pressure operations. The deal represents HMH's first acquisition since its formation in 2021.

Thoma Bravo completed its acquisition of Mercell Holding ASA, a European provider of e-tendering and procurement software, via its indirectly owned entity Spring Bidco (Norway) AS. The deal was executed through a voluntary cash offer followed by a compulsory acquisition of remaining shares, resulting in Mercell’s delisting from Oslo Børs.

Axo AS (a portfolio company of private equity firm Corsair) has acquired Defero, a Nordic digital credit-scoring and financial management platform. The deal is intended to strengthen Axo’s personal finance distribution platform and add Defero’s consumer-focused credit analytics capabilities; financial terms were not disclosed.

EG, a Nordic vertical software company, announced it has closed the acquisition of Norwegian SaaS provider Ørn Software Holding AS on 1 August 2022 following satisfaction of all closing conditions and regulatory approvals in Norway and Finland. After closing, EG will initiate the delisting of Ørn Software Holding AS from Euronext Growth Oslo.

AURELIUS portfolio company NDS Group AS has completed the acquisitions of Hovdan Poly AS and Nordic Wash AS as add-on deals to accelerate its growth in Norway’s spare parts and workshop equipment markets. The transactions expand NDS’s marine parts and carwash/workshop equipment offerings and are expected to create synergies through a broader product portfolio, improved logistics, and modernized systems.

Xperi Holding Corporation acquired Vewd Software Holdings Limited for $109 million in a transaction funded with a mix of cash and debt. The deal expands Xperi’s entry into the Connected TV market by combining Vewd’s OTT and hybrid TV software with Xperi’s TiVo streaming media platform and Smart TV middleware capabilities.

UniSea, a maritime HSEQ SaaS and IT services provider, has partnered with Adelis Equity Partners, which will become the company’s new majority owner. The investment is intended to accelerate UniSea’s international growth and support continued product and business development in the global maritime software market.

The Riverside Company signed a definitive agreement to acquire a majority stake in Montel AS, a founder- and management-owned Norwegian provider of energy and electricity market information. Montel, headquartered in Oslo, delivers subscription-based market news and real-time/historical trading data via its proprietary Montel Online platform, and the founder and managers will remain with the business.

Uniguest, a digital engagement technology provider, has acquired Otrum AS, an Oslo-based provider of interactive TV (IPTV) and digital signage solutions for the hospitality industry. The deal strengthens Uniguest’s IPTV and digital signage offering, and Otrum’s CEO Stein Surlien will remain with the business following the acquisition.

A company owned by funds advised by Apax Partners LLP has agreed with EcoOnline Holding AS to launch a recommended all-cash tender offer for all outstanding shares of EcoOnline. Summa Equity Fund II, an existing shareholder, has signed a pre-acceptance undertaking to sell its shares into the offer, subject to customary conditions including reaching over 90% acceptances and receiving regulatory approvals.

Sval Energi AS completed its acquisition of Spirit Energy Norway for USD 1,026 million, closing on May 31 with a commercial effective date of January 1, 2021. The deal adds 45 licences, including interests in 7 producing fields, plus additional development and exploration opportunities, strengthening Sval Energi’s position on the Norwegian Continental Shelf.

Adelis Equity Partners has partnered with Håndverkskompaniet to build a leading building rehabilitation and renovation services group in Norway. Håndverkskompaniet will serve as the platform, with the group targeting growth through organic initiatives and a planned consolidation strategy via additional acquisitions. Financial terms were not disclosed and the transaction is subject to customary regulatory approvals.

Factlines acquired Ecotrack, a digital tool and methodology for assessing the environmental impact of products and services. Ecotrack was developed by industry cluster GCE NODE, which stated it was not set up to maintain and commercialize software solutions requiring continuous updates. Factlines is a portfolio company of Alytic.

Norvestor VIII SCSp ("Norvestor VIII") signed an agreement to acquire Pelias Norsk Skadedyrkontroll AS ("Pelias") and Terminix UK Limited ("Terminix UK") from Terminix Global Holdings, Inc., combining them to form a new Northern European pest control group. The divestiture of Pelias and Terminix UK is a condition to closing the pending merger between Terminix and Rentokil Initial plc. Norvestor VIII is expected to become the largest shareholder in the new group following closing.

Triton’s Smaller Mid-Cap Fund II (TSM II) has signed an agreement to acquire Neptune Software, a low-code/no-code enterprise app development SaaS platform. Neptune Software is being acquired from Standout Capital and the company’s founders; financial terms were not disclosed.

SHS and yabeo have invested in Dr.Dropin, a Norwegian “digiphysical” healthcare provider offering in-clinic and app-based medical consultations. The investment is intended to support Dr.Dropin’s expansion beyond Norway into other European countries.

Valedo Partners III AB ("Valedo") invested to create Eltera Gruppen by bringing together eight electrical installation services businesses in Norway. Eltera Gruppen operates through 16 branches, focuses on framework agreements plus service and maintenance, and generates around NOK 1 billion in revenue. Founders, board members, and employees co-invested alongside Valedo, and transaction terms were not disclosed.

Media Tech SPAC plc (MTS) entered into a definitive agreement to acquire 100% of the share capital of Drylab A/S, a film and TV production SaaS platform in Scandinavia. Following closing, the combined business will be renamed Drylab Media Tech plc, and Drylab’s founders will remain with the merged company.

A joint venture formed by Hafslund Eco, Infranode and HitecVision has completed the acquisition of Fortum Oslo Varme, Norway’s largest district heating provider in Oslo, which will be renamed Hafslund Oslo Celsio. Post-transaction ownership is 60% Hafslund Eco and 20% each for Infranode and HitecVision, valuing the business at approximately NOK 20 billion enterprise value. The City of Oslo transferred its 50% stake to Hafslund Eco, while Fortum sold its 50% stake to the partnership; the financing supports major investments including carbon capture at Klemetsrud and expansion into district cooling.

TBAuctions agreed to acquire Scandinavian online auction businesses Auksjonen and appraiser Bjarøy (together part of Norway’s Bjarøy Group) as well as Sweden-based PS Auction, to accelerate its pan-European online auction platform strategy. In connection with the deal, Summa Equity is joining TBAuctions as a minority shareholder, with signing completed on 17 March and closing targeted by end of April subject to approvals.

Summa Equity Fund III invested $100 million in Tibber, a Norwegian smart digital energy provider, in a Series C financing round. The funding will support Tibber’s expansion in Europe and development of new products to help households reduce electricity consumption and integrate smart home and EV charging capabilities.

Norvestor VIII SCSp signed an agreement to acquire a majority of the shares in Upheads AS, an IT managed services provider serving small and medium-sized enterprises in Norway. Following closing, Norvestor VIII will become the largest shareholder, with the founder, management, and key employees retaining minority stakes. The transaction is expected to close in April 2022, subject to customary conditions.

Renta Group Oy acquired Utleiesenteret, a major machinery and equipment rental company in Eastern Norway, to strengthen its position in Norway and advance its ambition to become a truly Nordic player. Utleiesenteret will add four depots and over 80 employees, and its owners will reinvest and continue working for Renta.

Saudi Aramco, through its subsidiary Aramco Overseas Company B.V., invested in industrial SaaS company Cognite by purchasing 100% of Aker BP’s shares. The transaction results in Saudi Aramco holding a 7.4% stake in Cognite, deepening an existing digitalization partnership between the companies.

Promon AS, a Norway-based provider of application shielding software, announced a strategic investment led by a GRO consortium comprised of GRO and Kirk Kapital, which will become the majority investor. Trifork will also invest in Promon and enter a strategic partnership to support Promon’s global growth, sales and marketing expansion, and continued product innovation. Closing is expected at the end of January 2022.

Norvestor VIII SCSp has signed an agreement to acquire a majority of the shares in CIC Hospitality AS, a Nordic provider of affordable, high-quality accommodation operating 15 hotels. CIC Hospitality is headquartered in Oslo, Norway, and following the transaction Norvestor will become the largest shareholder alongside the company’s management, key employees, and board members.