Deal Activity in Norway at Record Highs

Deal activity in Norway at record highs

Transaction Trends | Norwegian M&A update Q4 2020 EY | Strategy and Transactions Quarter highlights

To celebrate our rebranding to EY Strategy and Transactions we present a revamped version of our transaction newsletter 166 $245m TMT tailored to the Norwegian transaction market1. # of transactions Average deal value this Most active industry with The renewed newsletter reflects all quarterly transactions involving a announced this quarter quarter 51 deals this quarter Norwegian target, buyer, or vendor, based on data presented by Mergermarket. Compared to the previous newsletter, which was focused on

Highlights | Page 3 Key transactions | Page 5 Industry trends | Page 6 deal activity among the 500 largest companies in Norway, the revamped newsletter provides a more comprehensive view on Norwegian deal activity. We hope that you find this newsletter interesting and that you will follow our coming quarterly updates.

46% 37% 35 The Transaction Trends Editorial Team For further enquiries, or to add your name to the mailing list for this Share of foreign buyers Share of deals involving New listings on Oslo Stock publication, please send an e-mail to [email protected]. this quarter public companies this Exchange and Euronext quarter Growth this quarter

1 Buyer / target region | Page 7 Transaction arena | Page 8 Market update | Page 9 With effect from 1 July 2020 EY Transaction Advisory Services was rebranded to EY Strategy and Transactions. EY Strategy and Transactions: Enabling clients to reimagine their eco-systems, reshape their portfolios and reinvent themselves for a better future.

In Q4 2020, we observe a total of 166 deals in the In the LTM period we observe a total of 380 deals in 20,767 to 17,545) year-on-year. Norwegian market. This represents a major the Norwegian market. This represents a decline of 41 In terms of combined reported deal value in Norway, deals compared to the LTM peak observed in Q4 2019. increase from Q3 2020. Q1-Q3 was heavily Q4 2020 came in at USD 15.2bn, which is the 4th The decline in LTM deal volume is, not surprisingly, impacted by Covid-19. A strong Q4 brings the last highest reported deal value observed in the historical largely explained by the uncertainty caused by Covid- twelve month (LTM) deal count back in line with period covered by this newsletter. This coincides with 19 which heavily impacted deal volumes in Q1-Q3. levels observed prior to the pandemic. the pattern observed globally, where, deal values The deal volume in Q4 2020 (166) represents the amounted to USD 1 202.6bn in Q4 2020, compared to Deal activity is to a large extent driven by TMT highest level of transactions observed in any quarter in USD 806.2bn in Q4 2019, according to Mergermarket. assets, with the most notable TMT deals being the historical period covered by this newsletter. Both in Norway and globally, the high deal values are driven by an increase in large deals (above USD 5bn), Autodesk’s acquisition of Spacemaker, and This trend is echoed globally, with total deal volumes in such as Castellum AB’s bid on Entra (USD 5.8bn), which Mercell’s acquisition of Visma Commerce AB & Q4 representing the highest quarterly value since is included in the sample retrieved from Mergermarket. Visma Commerce AS. 2007. Total global deal value in 2020 saw a 7% decline year-on-year, while deal count was down 15.5% (from

LTM number of transactions Source: Mergermarket, EY analysis 450 421 391 400 373 385 380 369 361 364 359 346 349 355 350 332 338 336 336 304 311 302 300 291 280 284 288 288 289 279 286 269 270 264 266 269 269 266 266 262 254 251 250 239 246 237 236 217 210 166 200 180 177 155 157 112 122 150 100 99 104 88 89 92 90 88 86 96 96 80 82 73 81 75 76 74 76 79 82 100 60 69 69 64 59 60 63 62 66 68 66 59 60 70 69 47 46 53 54 53 56 49 33 31 50

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Highlights | Key transactions | Industry trends 3 | Transaction Trends Q4 2020 Buyer/target region | Transaction arena | Market update EY | Strategy and Transactions Quarter highlights

Number of transactions LTM number of transactions per industry LTM share of transactions involving Private Equity firms LTMSource: Mergermarket Source: Mergermarket Source: Mergermarket 166

61 Technology, Media and Private Equity 122 Telecommunications (TMT) Advanced Manufacturing & Mobility 112 104 89% 23% 100 99 31 96 96 31% 35 82 86 26 Last quarter 33 22 70 30 69 31 25 33 22 20 49 105 31% 21% 91 77 77 78 16 67 66 65 20% 57 48 53 49 33 Consumer

1Q18 3Q18 1Q19 3Q19 1Q20 4Q20 6% Other Public* Private Financial Services

*Public transactions are defined as those where either the target, buyer or vendor company is a listed entity. Transactions this quarter Deals per industry PE deal activity The number of transactions observed in Q4 2020 is TMT was the most active industry in Q4 2020, with 21% of all deals in the last twelve month period significantly higher than the level observed in Q4 31% of all deals (51 deals in total). This is in line with involved a private equity firm. This is somewhat lower 2019. This is also the highest level of transactions the LTM TMT share of all deals of 31%. The high than the level observed in 2019 (23%), but still higher observed in any quarter in the historical period appetite for TMT assets is echoed globally, where TMT than the level observed in the historical period covered by this newsletter. was the most active industry, representing 19% of all covered by this newsletter (20%). deals in 2020. Out of 62 transactions with announced deal values, 24 The most active private equity firms in Q4 in terms of deal values exceeded USD 100m (three of these were Notable TMT deals involving Norwegian targets include number of deals struck (either as buyer or seller) were also above USD 1bn, namely Castellum’s bid on Entra the sale of Spacemaker to Autodesk at USD 240m, Verdane Capital (6 deals), Norvestor Equity (2 deals), (USD 5.8bn), EQT’s USD 1.6bn acquisition of and Mercell Holding AS’ acquisition of Visma Canica (2 deals) Accel Partners (2 deals) and FSN Torghatten and Scatec Solar’s USD 1.2bn acquisition Commerce AB and Visma Commerce AS. Capital Partners (2 deals). of SN Power.

$1.6bn $1.2bn $240m $234m $152m $245m Deal value Deal

On 23 December, EQT On 5 November, On 17 November, On 25 November, On 2 November, The average value of deals Partners AB offered to Scatec Solar ASA Autodesk Inc acquired Mercell Holding AS Statkraft AS completed among transactions with acquire Torghatten agreed to acquire Spacemaker AS, a acquired Visma the acquisition of Solar reported deal values this ASA, the leading private 100% of the shares in Norwegian provider of Commerce AB and Century Holdings quarter was USD 245m. passenger SN Power AS, a leading AI solutions to Visma Commerce AS, a Limited, a leading global transportation company hydropower developer. architects, from Sweden and Norway solar power company The number of transactions in Norway with an The acquisition is in Northzone Ventures AS. based provider of public that develops, where deal value was reported annual revenue of line with Scatec’s The acquisition provides procurement constructs and operate amounted to 62 (out of 166 transactions announced this

Description approx. NOK 10bn and growth ambitions Autodesk with outcome- information and utility-scale solar and about 7,000 within renewable based design monitoring software, smart technology. The quarter). employees. The energy production. The capabilities for from Visma AS. transaction was Combined reported deal value transaction is set to transaction was architects, and urban completed at approx. 5x this quarter amounted to USD close at around 8x completed at approx. designers and planners. EBITDA. 15.2bn. This compares to an EBITDA. 14x EBITDA. average combined quarterly reported deal value of USD Advanced Power and Technology, Media Technology, Media Technology, Media 8.2bn in the historical period Manufacturing & Utilities and Telecom and Telecom and Telecom covered by this newsletter Industry Mobility (2008-2020).

Activity by Industry # of transactions EV / Revenue1 EV/EBITDA2 Industry activity Avg. Q4 3Y 5Y 10Y 3Y 5Y 10Y Industry 2019 LTM Trend The majority of deal activity in the Norwegian transaction 08-203 2020 median median median median median median market in Q4 2020 was driven by the industries TMT (31%), AM&M (23%) and Consumer Products (15%). These Advanced Manufacturing & 78 85 16 38 1.2x 1.2x 1.2x 8.2x 8.5x 8.9x Mobility (AM&M) are also industries that have generated significant deal activity historically. Consumer Products 71 75 15 27 8.2x 8.5x 8.9x 15.1x 13.3x 11.3x Since the outbreak of Covid-19, deal activity within the Financial Services 91 34 13 12 2.3x 2.0x 1.6x 12.7x 12.5x 9.5x Financial Services and Oil and Gas industries have taken Government, Public Sector & the largest relative hits. The Financial Services industry 4 4 0 2 Organisations alone makes up 80% of the decline in LTM deal activity Health Sciences & Wellness 18 20 3 6 from 2019 to 2020.

Oil & Gas 27 16 7 9 2.5x 2.1x 2.1x 4.7x 6.3x 6.8x

Power & Utilities 8 16 2 10 Multiples

Real Estate, Hospitality & We observe that the 3-year median AM&M EV/EBITDA 13 15 2 11 Construction multiple is currently at 8.2x, trending down compared to the 5Y median of 8.5x. This is driven by deals on targets Mining & Metals 9 0 1 0 such as Torghatten ASA (~8x) and Moelven Industrier TMT 100 115 14 51 2.1x 2.1x 1.7x 17.8x 16.9x 13.0x (~5x)

4 Unclassified 2 On the other hand, the 3-year median Consumer EV/EBITDA multiple is observed at 15.1x per Q4 2020, up Total 421 380 74 166 1.7x 1.7x 1.5x 12.3x 11.3x 10.8x from the 5Y median of 13.3x. Transactions in 2019 Source: Mergermarket, S&P Capital IQ. contributed heavily to this increase (median of 19x in 1 The 3Y, 5Y and 10Y EV/Revenue multiples are based on a total of 322, 556 and 1139 observations, respectively. 2019). On the other hand, LTM transactions indicate an 2 The 3Y, 5Y and 10Y EV/EBITDA multiples are based on a total of 171, 282 and 589 observations, respectively. Industries with fewer than 50 observations in the historical period (i.e. since 2008) have not been quoted. opposite trend (median of 10x), driven by deals on 3 Quarterly average since 2008. targets such as Arcus ASA (~10x), Carlsen Fritzoe Handel 4 Transactions lacking sufficient information for industry classification. AS (~10x) and Boligbyggelagenes Partner AS (~10x).

Buyer region, Q4 2020 LTM buyer region per Q4 2020 Target region, Q4 2020 LTM target region per Q4 2020 Source: Mergermarket, S&P Capital IQ Source: Mergermarket, S&P Capital IQ Source: Mergermarket, S&P Capital IQ Source: Mergermarket, S&P Capital IQ

21% 21% 19% 18%

54% 15% 16% 54% 15% 54% 54% 12% 59% 58% 59% 58%

4% 4% 9% 9% 2% 1% 4% 1% 3%

Norway Nordics (excl. Norway) Rest of Europe Americas Asia-Pacific Africa Norway Nordics (excl. Norway) Rest of Europe Americas Asia-Pacific Africa

Buyer region Target region Norwegian buyers accounted for 54% of the deals made in Q4 2020. This is in During the fourth quarter of 2020, the share of Norwegian targets increased line with the average observed for the last twelve month period (54%). The by 4 percentage points compared to Q3 2020 (from 55% in Q3 2020 to 59% geographical composition of buyers in Q4 is more or less in line with that in Q4 2020). The geographical composition of targets in Q4 is more or less in observed in the LTM period. line with that observed in the LTM period.

Share of domestic vs. cross-border transactions Share of public* vs. private transactions Source: Mergermarket, S&P Capital IQ Source: Mergermarket, S&P Capital IQ

Domestic Cross Border Public Private

Q4 2020 30% 70% Q4 2020 37% 63%

LTM 30% 70% LTM 34% 66%

2008 - 2020 31% 69% 2008 - 2020 32% 68%

*Public transactions are defined as those where either the target, buyer or vendor company is a listed entity.

Transaction type Transaction arena The share of cross-border transactions in Q4 2020 The share of public transactions in Q4 2020 was up was in line with that observed in the historical period. five percentage points compared to the historical The resilient share of cross-border deal activity average. shows that dealmakers have managed the transition The observed average deal value of public to a digital work environment without significant transactions in Q4 amounted to USD 333m (down trouble. from USD 569m in Q3), compared to an average deal Cross-border deal value amounted to USD 13.2bn, value for private deals of USD 59m (down from USD representing 87% of total recorded deal value in Q4 73m in Q3). 2020.

New listings Foreign exchange rates (indexed) Listing activity on Oslo Stock Exchange Source: Oslo Stock Exchange Source: Norges Bank and Euronext Growth rebounds sharply in Q3 and Q4 2020, hitting historic 60 58 150 EUR/NOK highs with 58 new listings driven by 55 9 50 140 GBP/NOK strong market liquidity. We must go 45 SEK/NOK back to pre-crisis 2008 to find similar 40 130 activity levels. In Q4 alone we see a 35 USD/NOK 28 120 total of 35 new listings. 30 26 25 21 49 110 20 14 17 During Q4 2020, the NOK appreciation 15 8 15 15 continued due to positive vaccine news 8 100 10 12 and a rebound in crude oil (Brent) 13 14 5 11 9 prices (USD 51/Bbl. 31.12.2020). - 3 70 2018 2019 2020 2021 2015 2016 2017 2018 2019 2020 The OSEBX ended strong at 974 at OSE Euronext Growth *Historical listings on the legacy indexes, “Oslo Axess” and “Merkur Market”, have been quarter-end (up 13.8% from the end of combined to aid comparability to listing activity on the new “Euronext Growth” index. Q3 2020). The uptick in crude oil prices OBX Index Avg. OBX multiples and sector rotation from “growth” to Source: S&P Capital IQ Source: S&P Capital IQ “value” stocks are viewed as strong 900 6.4 2020 drivers. 800 5.5 2019 6.2 The observed increase in the P/E-ratio 700 6.5 2018 EV/EBITDA in 2020 can largely be explained by 600 LTM Q4 2020 2017 1.6 falling interest rates, which increases 500 1.8 the valuation of “growth” stocks with P/B 2.0 400 1.7 high future projected earnings. 300 19.5 As vaccines are being rolled out, the 200 12.1 Q4

P/E global economy is set for growth, 100 15.4 20.0 which should be positive for equity - 2015 2016 2017 2018 2019 2020 markets. However, uncertainty remains high with ever increasing global infection rates. Highlights | Key transactions | Industry trends Buyer/target region | Transaction arena | Market update EY | Strategy and Transactions Strategy and Transactions contacts

Transaction Diligence

Vegard Stevning Bjørn Tore Foss Merete Skage Erik Haagensen [email protected] [email protected] [email protected] [email protected] +47 916 83 692 +47 970 25 021 +47 982 06 499 +47 905 66 778 Oslo Oslo Bergen Oslo

Trond Olberg Marit Dokka Holthe Magnus Broks [email protected] [email protected] [email protected] +47 997 35 554 +47 917 14 900 +47 970 35 494 Oslo Oslo Oslo

Corporate Finance Valuation, Modelling and Economics International Tax and Transaction Serv. EY-Parthenon (Strategy)

Jan Erik Åsland Nils Kristian Bø Njaal Arne Høyland Helge Fredheim [email protected] [email protected] [email protected] [email protected] +47 975 47 391 +47 971 66 567 +47 928 81 430 +47 913 47 741 Stavanger Oslo Oslo Oslo

Espen Norheim Cato Rognli Sigurd Garmann Tuntland Per Flaata [email protected] [email protected] [email protected] [email protected] +47 928 02 095 +47 982 06 499 +47 901 06 610 +47 922 34 176 Stavanger Oslo Oslo Oslo

Ole Conrad Siem Alexander I. Karlsen Siri Midling Larsen [email protected] [email protected] [email protected] +47 971 16 869 +47 924 29 550 +47 468 43 131 Oslo Oslo Oslo

10 | Transaction Trends Q4 2020 Appendices EY | Strategy and Transactions Announced Norwegian transactions in Q4 2020 (1/9)1

Ann. Date Target Vendor Buyer Deal value ($m)

30/12/2020 Edison Norge AS Edison S.p.A. Sval Energi AS 300

28/12/2020 Pearl Norge AS n.a. Norvestor Equity AS Not Available

23/12/2020 Torghatten ASA n.a. EQT Partners AB 1614

22/12/2020 BioBag International AS Gertol AB Novamont S.p.A. Not Available

22/12/2020 Compello AS Etrinell AS Visma AS Not Available

22/12/2020 Allgon AB (88.78% Stake) Verdane Capital Advisors AS Bure Equity AB 105

22/12/2020 Bulk Infrastructure AS n.a. BentallGreenOak (Canada) Limited Partnership 173

21/12/2020 Simplifai AS n.a. Elop AS Not Available

21/12/2020 DESS Aquaculture Shipping AS (50% Stake) Mowi ASA Antin Infrastructure Partners S.A.S. 140

18/12/2020 Buer Gruppen AS n.a. Handverksgruppen 23

18/12/2020 Geomatikk AS n.a. Hg Not Available Management Vehicle; Shanghai Fosun Pharmaceutical (Group) Co., 17/12/2020 EOS imaging SA Alphatec Holdings, Inc. 100 Ltd.; Bpifrance SA 16/12/2020 Budstikka Asker og Baerums Budstikke AS Amedia AS 15

16/12/2020 Tromas AS n.a. Ahlsell Norge AS Not Available

15/12/2020 R8 Evolve AS R8 Property AS Alligate AS Not Available

15/12/2020 Navigator Holdings Limited (39.1% Stake) WL Ross & Co. BW Group Limited 197

15/12/2020 Infront ASA n.a. Inflexion Private Equity Partners LLP 308

14/12/2020 Khonraad Software Engineering BV n.a. Visma AS Not Available

14/12/2020 Biotec BetaGlucans AS ArcticZymes Technologies ASA Lallemand Inc. 8

1 Please note that the data presented in this newsletter is based on data sourced on a quarterly basis (extracted on the first day of the following quarter), and that the historical data points presented have not been updated to reflect changes to the underlying data set that may have been incorporated after the point in time when the data was sourced. As a result, there may be differences between the data presented in this newsletter and that which can be obtained from the respective data providers at a later point in time.

12 | Transaction Trends Q4 2020 EY | Strategy and Transactions Announced Norwegian transactions in Q4 2020 (2/9)1

Ann. Date Target Vendor Buyer Deal value ($m)

14/12/2020 Allgon AB Verdane Capital Advisors AS Latour Industries AB 95

14/12/2020 DIBkunnskap AS n.a. Karnov Group AB 38

14/12/2020 Tasking BV Altium Ltd. FSN Capital Partners AS 100

11/12/2020 Metro Rorleggerservice AS n.a. Instalco Intressenter AB Not Available

11/12/2020 KrasGeoNac LLC (49% Stake) Rosneft Oil Company OAO Equinor ASA 550

11/12/2020 asgoodasnew electronics GmbH n.a. Verdane Capital Advisors AS 22

10/12/2020 Avans Soma AS Rieber & Son ASA Carasent ASA 14

09/12/2020 Arsredovisning Online Sverige AB n.a. Visma AS Not Available Knut Eidem (Private Investor); Linda Haarstad Eidem (Private 09/12/2020 K. Eidem Elektro AS Elscoop Group AS Not Available Investor) 09/12/2020 VP Metall AS Tormod Bratberg (Private Investor) Lagercrantz Group AB Not Available

09/12/2020 Sticos AS Auticon Holding AS Visma AS Not Available

09/12/2020 Stord Innkvartering AS n.a. Adapteo Plc 120

08/12/2020 AVANTEC AG Management Vehicle GRAPHA Holding AG Not Available

04/12/2020 Aer Faber AS Skogholt Eiendom AS; Erik Iversen (Private Investor) Lindab International AB Not Available

04/12/2020 C-MAP Commercial Navico Holding AS Lloyd's Register Group Limited Not Available Dogger Bank B (10% Stake); Dogger Bank A 04/12/2020 Equinor ASA Eni S.p.A. 273 (10% Stake) 04/12/2020 Odfjell Terminals Korea (24.5% Stake) Lindsay Goldberg LLC Odfjell SE 39

03/12/2020 Porterbuddy Norge AS n.a. Canica AS; Verdane Capital Advisors AS Not Available

02/12/2020 SP Maskiner i Ljungby AB Weland AB Eco Log Sweden AB Not Available

13 | Transaction Trends Q4 2020 EY | Strategy and Transactions Announced Norwegian transactions in Q4 2020 (3/9)1

Ann. Date Target Vendor Buyer Deal value ($m)

02/12/2020 Kloosterboer Real Estate Norway AS Kloosterboer B.V. Lineage Logistics Holdings, LLC Not Available

02/12/2020 Lotus Marine AS (60% Stake) Grand China Logistics Co., Ltd. Spar Shipping AS Not Available

02/12/2020 Sensa Ehf. Siminn hf Crayon Group Holding ASA 25

01/12/2020 Fullsave SAS Management Vehicle Eurofiber Nederland B.V. Not Available

01/12/2020 Norspan LNG 20 AS Knutsen LNG AS CapeOmega AS Not Available

01/12/2020 Norspan LNG 21 AS (99.99% Stake) Knutsen LNG AS CapeOmega AS Not Available

01/12/2020 Skadeteknikgruppen AB n.a. Recover Nordic AS Not Available The Barryroe Oil and Gas Field (Standard 30/11/2020 Providence Resources Plc; Lansdowne Oil and Gas Plc SpotOn Energy Limited Not Available Exploration Licence 1/11) (50% Stake) Canica AS; Smedvig Capital Limited; Quantass ApS; MK Holding af 2013 30/11/2020 Cercare Medical ApS n.a. 8 ApS 30/11/2020 Wright Trafikkskole AS (65% Stake) Scope Capital Advisory AB Kevin Wright (Private Investor) Not Available Aberdeen Standard Investments Limited 30/11/2020 Aberdeen Standard Investments Limited DEAS A/S Not Available (Nordic direct real estate business) 27/11/2020 Beyonder AS n.a. Equinor Technology Ventures Not Available Statnett SF (132 kV network in More og 26/11/2020 Statnett SF Morenett AS 48 Romsdal) 26/11/2020 Entra ASA (8.24% Stake) Norwegian Ministry of Trade, Industries and Fisheries Castellum AB 286

26/11/2020 Entra ASA (91.76% Stake) n.a. Castellum AB 5835

25/11/2020 Rodboka AS n.a. Autovista Group Limited Not Available

25/11/2020 Team Tankers Management SA Team Tankers International Limited De Poli Tankers Holding B.V. Not Available

25/11/2020 Visma Commerce AB; Visma Commerce AS Visma AS Mercell Holding AS 234

24/11/2020 Uni Micro AS (67% Stake) n.a. DNB ASA; SpareBank 1 Nord-Norge Not Available

14 | Transaction Trends Q4 2020 EY | Strategy and Transactions Announced Norwegian transactions in Q4 2020 (4/9)1

Ann. Date Target Vendor Buyer Deal value ($m)

24/11/2020 TT-Teknikk AS n.a. Recover Nordic AS Not Available

24/11/2020 Drops PlanB Labs OU Kahoot! AS 50

n.a. n.a. n.a. n.a. n.a.

23/11/2020 NBTrader Solutions Limited NETbuilder Limited Infront ASA Not Available

23/11/2020 LOC Group Limited Bridgepoint Advisers Limited AqualisBraemar 20

23/11/2020 Norway Royal Salmon ASA (12.79% Stake) Masoval Fiskeoppdrett AS NTS ASA 130

20/11/2020 Mohawk Analytics AS n.a. Alligate AS Not Available

20/11/2020 Mevo Norway AS n.a. Alligate AS Not Available

20/11/2020 Luado AS n.a. Alligate AS Not Available

20/11/2020 Ditmer A/S Ditmer family Visma AS Not Available

20/11/2020 SPE Guinea Bissau AB Svenska Petroleum Exploration AB PetroNor E&P Ltd Not Available

19/11/2020 Seateam Management PTE LTD Frontline Ltd; Golden Ocean Group Limited OSM Maritime Group AS 14

19/11/2020 Tapad, Inc. Telenor ASA Experian Plc 280

19/11/2020 Dyresykehuset Dyrlegen Harstad AS n.a. Independent Vetcare Limited Not Available Njal Arne Gjermundshaug (Private Investor); Stian Tonaas Fauske 19/11/2020 Filemail AS Jotta AS 8 (Private Investor) 19/11/2020 Likron GmbH n.a. Volue AS Not Available

19/11/2020 Strawberry Publishing AS (70% Stake) Petter Stordalen (Private Investor) Bonnier Books AB Not Available

17/11/2020 Pesca Properties AS Kverva Industrier AS KMC Properties AS 46

17/11/2020 Sumo AS (52% Stake) Sinco AS Herkules Capital AS 20

15 | Transaction Trends Q4 2020 EY | Strategy and Transactions Announced Norwegian transactions in Q4 2020 (5/9)1

Ann. Date Target Vendor Buyer Deal value ($m)

17/11/2020 Toyota Ramstad Bil AS Aud Engen (Private Investor); Heidi Engen (Private Investor) Sulland Gruppen AS Not Available

17/11/2020 KMC Properties AS EBE Eiendom AS; Kverva Industrier AS Storm Real Estate ASA 119

17/11/2020 Spacemaker AS Northzone Ventures AS; Atomico; Round Hill Venture Partners Autodesk, Inc. 240

17/11/2020 Camo Analytics AS n.a. Aspen Technology Inc. Not Available Sms.at mobile internet services GmbH; atms 16/11/2020 n.a. Link Mobility Group Holding ASA 64 Telefon- und Marketing Services GmbH Hospitality Invest AS; Orion Invest AS; Istindan AS; Bjellanes Invest 13/11/2020 Intunor AS SPV for management buyers Not Available AS

Mvp Holding 2007 ApS; Birk Lund Holding ApS; Lanstorp Holding 13/11/2020 TimeLog A/S Viking Venture Management AS 13 ApS; SMCE Holding ApS; Skydsdal Holding ApS

13/11/2020 Oprins Plant N.V. n.a. Management Vehicle; Group MC NV Not Available

11/11/2020 Wagle Chartering AS (50% Stake) n.a. Longship Group BV Not Available Accel; Northzone Ventures AS; Institutional Venture Partners; Tiger Global 10/11/2020 Hopin Ltd n.a. Management; Coatue Management, L.L.C; DFJ Growth; Seedcamp Limited; 125 Slack Technologies, Inc.; Salesforce Ventures 10/11/2020 Infodoc AS n.a. PatientSky Group AS 31 RTP Global; Northzone Ventures AS; Novator Partners LLP; White Star 10/11/2020 Tier Mobility GmbH n.a. Capital, L.P.; Goodwater Capital, LLC; Mubadala Capital; Indico Capital 250 Partners; SoftBank Investment Advisers 09/11/2020 Skadesanering i Stockholm AB Mikael Martinsson (Private Investor) Recover Nordic AS Not Available Bertel O. Steen Kapital ; Jo Lunder (Private Investor); Tom Scharning 09/11/2020 ITverket AS (51% Stake) n.a. 16 (Private Individual) 06/11/2020 Swedish Education Group AB The Riverside Company AcadeMedia AB 21 Societe Armoricaine de Canalisation (80% 05/11/2020 Dominique Chupin (Private investor) Employees Not Available Stake) 05/11/2020 QuickOrder n.a. Weorder 8 Ole-Tormod Amundrod (Private Investor); Mette Holsve (Private 05/11/2020 Mss-Maskinell Snoservice AS Total Uteservice AS Not Available Investor) 05/11/2020 Dam Nai Wind Power Joint Stock Company Mekong Wind Pte Ltd SN Power AS Not Available

16 | Transaction Trends Q4 2020 EY | Strategy and Transactions Announced Norwegian transactions in Q4 2020 (6/9)1

Ann. Date Target Vendor Buyer Deal value ($m)

04/11/2020 Hystar AS (75% Stake) n.a. Sintef Venture AS; AP Ventures LLP; Firda AS Not Available

04/11/2020 Helgeland Invest AS (69% Stake) Helgeland Sparebank; Torghatten ASA; Helgeland Kraft AS; Rwh AS Gjelsten Holding AS 66

04/11/2020 NiSec AS n.a. Nordlo AB Not Available

04/11/2020 Optimum Alternative Investments AS Optimum Gruppen AS Soderberg & Partners Not Available

04/11/2020 Acona AS CapMan Plc IKM Gruppen AS Not Available

04/11/2020 Orkla (Poland skin care business) Orkla ASA Bielenda Kosmetyki Naturalne Sp. z o. o. Spolka Komandytowa Not Available

03/11/2020 Tabco, Inc. Gene Kubicki (Private Investor); John Kubicki (Private Investor) Management Vehicle; Inovar Packaging Group, LLC Not Available

03/11/2020 Naprapatlandslaget Norge AS NPL Holding AS; Victor Saxing (Private Investor) Klinikk for Alle AS Not Available Eva Toril Strand (Private Investor); Dagny Strand Bachmann (Private 03/11/2020 Stormfuglen AS Kings-bay AS; Teigenes AS; Rogne AS; Heroyhav AS Not Available Investor) Anders Pettersen (Private Investor); Kim Wangen (Private Investor); 03/11/2020 Scantools A/S (55% Stake); Mur & Tak Proff AS Malorama AS Not Available Michael Christensen (Private Investor) 03/11/2020 Get Inspired AS (35% Stake) Silje Landevag (Private Investor) Salvesen & Thams AS Not Available

03/11/2020 Norsk Brannvern AS Lindskoggruppen AS Prosero Security Group Not Available

03/11/2020 Compact Carbon Capture AS n.a. Baker Hughes Incorporated Not Available

03/11/2020 Innit AS n.a. Arribatec AS 9

02/11/2020 Nordkraft AS (22.14% Stake) n.a. Halogaland Kraft AS Not Available

02/11/2020 Bare Trening AS Kif Trading AS Fresh Fitness Norge AS Not Available Scottish Equity Partners LLP; VantagePoint Capital Partners; Zouk 02/11/2020 Solar Century Holdings Limited Statkraft AS 152 Capital LLP; Grupo ECOS Lars Ostergaard Olsen (Private Investor); Kolbjorn Midttun (Private 01/11/2020 S4U, SIA n.a. Not Available investor) 31/10/2020 Wepco AS Dag Oddvar Ramsland (Private Investor) WellConnection Group AS Not Available

17 | Transaction Trends Q4 2020 EY | Strategy and Transactions Announced Norwegian transactions in Q4 2020 (7/9)1

Ann. Date Target Vendor Buyer Deal value ($m)

30/10/2020 Oveland Utemiljo AS Reiulf Heen (Private Investor); Tor Bjorn (Private Investor) Green Landscaping Group AB Not Available

29/10/2020 Stratsys AB n.a. Verdane Capital Advisors AS Not Available

29/10/2020 Switch Nordic Green AB Troms Kraft AS Fjordkraft Holding ASA 40 Antena 3 de Television SA; TA Ventures; Maniv Mobility; Toyota AI 28/10/2020 Bipi Mobility, S.L. n.a. 12 Ventures, LLC; IDC Ventures ; Adevinta Ventures 28/10/2020 Aize AS Aker Solutions ASA Aker ASA 24

28/10/2020 Californian Roots AB Verdane Capital Advisors AS; eEquity AB Footway Group AB Not Available

28/10/2020 Posti Messaging AS; Posti Messaging AB Posti Group Oyj Ropo Capital OY Not Available

27/10/2020 Nordlandsnett AS Bodo Energi AS Troms Kraft Nett AS Not Available

27/10/2020 BK Scandinavia AS (85% Stake) Umoe Restaurant AS Ring International Holding AG Not Available

27/10/2020 Cognite AS n.a. Accel 75

23/10/2020 Hexagon Purus AS Hexagon Composites ASA Hexagon Composites ASA (shareholders) 917 Schibsted Growth; Jonas Bonde (Private Investor); Niklas Soderholm 23/10/2020 Woila AB Klarna Bank AB (publ) Not Available (Private Investor); Anna Benjamin (Private Investor) 23/10/2020 Triton Construction Limited n.a. Employees Not Available

22/10/2020 Creuna n.a. Knowit AB 20

21/10/2020 Estate Media AS n.a. Fastighetsnytt Forlags AB Not Available

21/10/2020 Craftor AB Agder Energi AS Eleda Group Not Available

20/10/2020 Moss Automation AS Tor Horpestad (Private Investor) Kamic Group AB Not Available

20/10/2020 Surnadal Sparebank n.a. SpareBank 1 Nordvest 42 Norsk Hydro ASA (Roeldal-Suldal Kraft assets); 20/10/2020 Norsk Hydro ASA; Lyse AS Lyse Kraft DA Not Available Lyse AS (majority power production portfolio) 1 Please note that the data presented in this newsletter is based on data sourced on a quarterly basis (extracted on the first day of the following quarter), and that the historical data points presented have not been updated to reflect changes to the underlying data set that may have been incorporated after the point in time when the data was sourced. As a result, there may be differences between the data presented in this newsletter and that which can be obtained from the respective data providers at a later point in time.

18 | Transaction Trends Q4 2020 EY | Strategy and Transactions Announced Norwegian transactions in Q4 2020 (8/9)1

Ann. Date Target Vendor Buyer Deal value ($m) Stian Pettersen (Private Investor); Susan Pettersen (Private 19/10/2020 BMO Entreprenor AS Endur ASA 45 Investor); Vidar Pettersen (Private Investor) 18/10/2020 Dr.techn.Olav Olsen n.a. Artelia Group Not Available

15/10/2020 Bama Dagligvare AS (Logistics business) Bama Dagligvare AS Asko Norge AS Not Available

15/10/2020 Bio-Hybrid GmbH Schaeffler AG Management Vehicle; meisterwerk ventures GmbH Not Available

15/10/2020 Hunter-Davisson, Inc. n.a. Employees Not Available

15/10/2020 Ceetron AS n.a. Tech Soft 3D, Inc. Not Available

15/10/2020 SN Power AS Norfund AS Scatec Solar ASA 1220

15/10/2020 Tag Arkitekter AS Minimal Holding AS; Gunnes Holding AS; Pasvik Holding AS Sweco AB Not Available

14/10/2020 Sengenics Corporation Pte Ltd. SBI (B) Sdn Bhd Summa Equity AB Not Available

13/10/2020 FPE Sontum AS; Origo Solutions AS Align AS Bokn Holdco AS Not Available

13/10/2020 Kahoot! AS (9.69% Stake) n.a. SoftBank Group Corp. 216 Insight Partners; Dawn Capital LLP; Point Nine Capital; Salesforce 13/10/2020 Automile Inc. ABAX AS Not Available Ventures ; SaaStr Fund 13/10/2020 Robinson Contract Services Limited Julia Robinson (Private Investor) Management Vehicle; Business Loan Network Limited Not Available

12/10/2020 Advitrae Groep B.V. n.a. Visma AS Not Available

09/10/2020 Elektromatik Power Generation AB n.a. Bertel O. Steen Power Solutions AS Not Available

09/10/2020 Creab Sakerhet AB n.a. Prosero Security Group Not Available Johan Alkehed (Private Individual); Petter Alkehed (Private 08/10/2020 Lassmeden i Norrkoping AB Prosero Security Group Not Available Individual) BMI Group (Skyline Business in Norway, Poland, 07/10/2020 BMI Group Kera Group Oy Not Available Denmark and Sweden) Rune Johansen (Private investor); Karsten Quiel (Private investor); 07/10/2020 Stortorvets Gjaestgiveri; John's Bar; Gamla REKOM Group A/S Not Available Tom Snustad (Private investor); Lars Eikefjord (Private investor) 1 Please note that the data presented in this newsletter is based on data sourced on a quarterly basis (extracted on the first day of the following quarter), and that the historical data points presented have not been updated to reflect changes to the underlying data set that may have been incorporated after the point in time when the data was sourced. As a result, there may be differences between the data presented in this newsletter and that which can be obtained from the respective data providers at a later point in time.

19 | Transaction Trends Q4 2020 EY | Strategy and Transactions Announced Norwegian transactions in Q4 2020 (9/9)1

Ann. Date Target Vendor Buyer Deal value ($m)

07/10/2020 Avito; Tayara; Fincaraiz Adevinta ASA Frontier Digital Ventures Limited 40

07/10/2020 Ductor Oy n.a. BW Group Limited 33

Detur Sweden AB; Detur Norway AS; Detur 06/10/2020 Detur International B.V Norden Travel Service AB Not Available Denmark ApS; Detur Finland Oy Modern Ekonomi Sverige Holding AB (87.01% 05/10/2020 n.a. ECIT AS 11 Stake)

05/10/2020 Agrinos AS n.a. American Vanguard Not Available

05/10/2020 Paybyway Oy Bambora Group AB Visma AS Not Available

05/10/2020 Delvator AB Christer Arvidson (Private Investor) Sorenco AS Not Available

05/10/2020 Nergard AS (39.9% Stake) Samherji hf Norsk Sjomat AS Not Available

Idemitsu Petroleum Norge AS (Wisting oil 05/10/2020 discovery) (10% Stake); Idemitsu Petroleum Idemitsu Petroleum Norge AS Lundin Energy Norway AS 125 Norge AS (Alta oil discovery) (15% Stake)

05/10/2020 Flak AS n.a. Nautec AB Not Available

Namdal Bruk AS ; Store Bjorhusdal Bruk AS; 03/10/2020 Sjolyst Utvikling AS LAM Land- und Forstwirtschafts GmbH & Co. KG Not Available Tunnsjo Bruk AS; Van Severen & Co AS

01/10/2020 Byggmakker Flokkmann Arnt Reidar Nermo (Private Investor) Byggmakker Handel AS Not Available

01/10/2020 itslearning Inc itslearning AS Altitude Learning Not Available

01/10/2020 Aptilo Networks AB Norvestor Equity AS Enea AB 17

20 | Transaction Trends Q4 2020 EY | Strategy and Transactions Strategy and Transactions: Connected Capital Solutions

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Transaction Trends is a quarterly publication that aims to identify trends in the Norwegian transactions market. Transactions covered in this publication are public and private About EY transactions where either the buyer, target or vendor company is a Norwegian based company. Public transactions are defined as transactions where either the buyer, target EY is a global leader in assurance, tax, strategy, transaction and consulting or vendor company is listed on a public stock exchange. All other transactions have been classified as private. Domestic transactions are defined as transactions conducted services. The insights and quality services we deliver help build trust and within a national boundary, i.e. deals involving two or more incumbent nationals, while cross-border transactions involve companies from at least two different nationalities. confidence in the capital markets and in economies the world over. We Deal Value is the sum of the consideration paid for the applicable equity stake in the target plus the value of target net debt. Inclusion of net debt in the deal value will depend develop outstanding leaders who team to deliver on our promises to all of our on the stake acquired (for stakes of less than 50%, deal value is the value of the acquired stake only) or the target company type (net debt is not added where the target is a stakeholders. In so doing, we play a critical role in building a better working bank, insurance company or financing company). Our classification of private equity deals includes deals involving venture capital investment companies, as well as world for our people, for our clients and for our communities. professional family offices. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate Transaction Statistics are based on Mergermarket and EY data. Public market data are sourced from S&P Capital IQ and the Oslo Stock Exchange. Please note that the data legal entity. Ernst & Young Global Limited, a UK company limited by presented in this newsletter is based on data sourced on a quarterly basis (extracted on the first day of the following quarter), and that the historical data points presented guarantee, does not provide services to clients. Information about how EY (for example number of deals in Q4 2018) have not been updated to reflect changes to the underlying data set that may have been incorporated after the point in time in collects and uses personal data and a description of the rights individuals which the data was sourced. As a result, there may be differences between the data presented in this newsletter and that which can be obtained from the respective data have under data protection legislation are available via ey.com/privacy. For providers today. more information about our organization, please visit ey.com.

About EY Strategy and Transactions Transaction Trends is published by EY Strategy and Transactions. EY Strategy and Transactions teams work with clients to navigate complexity by helping them to reimagine their eco-systems, reshape their portfolios and reinvent themselves for a better future. With global connectivity and scale, Contact information EY Strategy and Transactions teams help clients drive corporate, capital, For further enquiries, or to add your name to the mailing list for this publication, please send an e-mail to [email protected]. transaction and turnaround strategies through to execution, supporting fast- track value creation in all types of market environments. EY Strategy and Transactions teams help support the flow of capital across borders and help bring new products and innovation to market. In doing so, EY Strategy and Transactions teams help clients to build a better working world by fostering long-term value. For more information please visit ey.com/no/StrategyandTransactions.