Hay Tor Capital, KAS BANK and Neonet’s management have jointly agreed to purchase a major stake in Neonet, in a bid to expand advanced execution services development.
Neonet chairman Peter Melbi said, "The combined industry knowledge and financial expertise of Hay Tor Capital and KAS BANK, will give us further strength as we continue to develop Neonet’s high-quality offering and execution services."
As part of the transaction, Hay will be the majority investor and around 20% of minority interest will be acquired by KAS BANK.
Currently a subsidiary of Cidron Delfi Intressenter Holding, Neonet is owned by Nordic Capital Fund VII and following completion of the transaction, Nordic will remain as a minority shareholder.
Serving clients in over 20 countries, Neonet offers advanced trading software solutions’ based flexible, independent and transparent execution services to institutional investors and other financial market participants.
Further details on the deal remain undisclosed and is subject to approval by the Swedish Financial Supervisory Authority.
Financial advisors to Nordic were HDR Partners and Sandler O’Neill + Partners, whereas Deloitte advised Hay Tor Capital and KAS BANK in connection with this acquisition.