Bär & Karrer advises Cavotec on its directed share issue
Cavotec has successfully placed 12,452,830 shares at a subscription price of SEK 13.25 per share, entailing raising proceeds of approximately SEK 165 million.
The subscription price was determined through an accelerated book building procedure conducted by Skandinaviska Enskilda Banken as sole bookrunner. The capital increase is subject to approval by an extraordinary general meeting of the company.
The purpose of the share issue is to increase financial flexibility to support the company to execute on its strong order book, growth plans and in addition strengthen Cavotec’s financial position by reducing net debt. Going forward Cavotec remains committed to leverage its market leading positions, with a strong focus on profitability and cash flows, and thereby play a vital role in the technological shift to a more sustainable world.
Bär & Karrer acted as Swiss legal counsel to Cavotec. The team was led by partners Massimo Vanotti (corporate, pictured left) and Urs Kägi (capital markets & listed companies, pictured right) and included associate Shu Zhang (capital markets & listed companies), partner Matthias Bizzarro (tax) and associate Rocco Rigozzi (corporate). KANTER is acting as legal advisor in relation to Swedish law to Cavotec.