Danish consortium comprising private equity firm Axcel, and pension funds PFA and PKA, has taken control of the ship finance institution Danish Ship Finance A/S.
Namely, the company’s Board of Directors and the Large Shareholders view the ownership “as a highly satisfactory solution ensuring a continued strong Danish ship finance institution backed by well capitalized owners and potential for controlled global growth in co-operation with Danish and international shipping companies.”
Furthermore, the transaction is a sale of assets which are no longer considered core to the Large Shareholders.
The new owners would continue developing Danish Ship Finance in accordance with the current strategy, Danish Ship Finance said.
The new owners will acquire Danish Ship Finance through a holding company, AXPP ShareCo A/S. The Large Shareholders and the consortium have agreed a price per share of DKK 14.16 corresponding to a value of all shares in Danish Ship Finance of DKK 4.72 billion (USD 710 million).
In addition to equity, the acquisition is financed by supplementary capital from PFA and PKA and bank financing.