Triton-controlled Crayfish takes 9.9% stake in Finnish constructor Caverion

Industry:    2023-01-13

Crayfish Bidco Oy, a company controlled by Triton, said on Thursday it has bought a 9.9% stake in Finnish construction company Caverion Oyj, following the Swedish venture capital group’s $1.17 billion takeover bid on Tuesday.

The move signals Triton’s strong commitment to the tender offer, Crayfish said.

Triton on Tuesday offered Caverion shareholders 8 euros for each share through the private liability company Crayfish.

Triton’s takeover offer represents a premium of 14.3%, which exceeds a bid of 7 euros announced in November by North Holdings, a Bain Capital-led consortium that had valued Caverion at 955 million euros ($1 billion).

It seeks the support of Caverion’s board for its takeover and hoped to complete the deal in the third or fourth quarter.

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