M&A

Singapore’s Temasek Holdings to acquire 30% stake in Danish engineering

Temasek (TEM.UL) will subscribe to secondary shares issued by the Topsoe family, which currently owns 100 percent of the company through Haldor Topsoe Holding A/S.

By Reuters|TFM News

SINGAPORE (Reuters) – Singapore state investor Temasek Holdings agreed to acquire about 30 percent of Denmark’s Haldor Topsoe A/S, the companies stated. As per the source, in the deal the engineering firm values at around $1.5 billion.

As part of the transaction, Temasek (TEM.UL) will subscribe to secondary shares issued by the Topsoe family, which currently owns 100 percent of the company through Haldor Topsoe Holding A/S, stated by a source with direct information of the transaction.

Haldor Topsoe, which confirmed the deal but did not disclose a price, said Temasek’s global reach and connections in Asia and other emerging markets would bring value to the company.

Haldor Topsoe is one of the world’s leading industrial catalyst producers. It employs about 2,300 people and logged revenue of about $760 million in 2017.

Temasek was shortlisted for exclusive talks and finalised a deal with Haldor Topsoe this week, beating global financial sponsors who were competing for the stake, said the person, who declined to be identified as the talks are private.

The owners of the Danish firm began seeking a financial minority investor last year to accelerate growth, with a long-term intention to list it.

SEB (SEBa.ST) and Citi (C.N) are acting as financial advisors and Kromann Reumert is acting as legal advisor to Haldor Topsoe Holding A/S, the Danish holding company said.

Nomura (9716.T) is acting as exclusive financial advisor and Plesner is acting as legal advisor to Temasek, Haldor Topsoe stated.

For the year ended March 2018, Temasek reported a record-high annual portfolio value and said it aimed to temper its pace of investment during rising trade tension between the United States and China.

Source: Reuters

– TFM News

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