Mutares SE & Co. KGaA $MUX (-1,1%) has successfully placed 2.5 million shares of its investment in Terranor Group AB $TERNOR successfully placed with qualified investors.
This corresponds to approximately 12.5% of Terranor's outstanding shares. The gross proceeds from this transaction amount to around EUR 6 million.
The successful placement expands the shareholder base, enables existing investors to increase their holdings and offers new investors an attractive entry opportunity.
A key objective of the transaction was also to increase the free float in order to give the share more scope on the capital market.
The increase in the free float significantly improves the liquidity of Terranor shares on the stock exchange. Improved tradability strengthens the company's capital market profile and makes the share more attractive to a broader group of investors - an important step in positioning Terranor for further success on the public markets.
Mutares acquired Terranor's operations in Sweden and Finland in 2020 through a carve-out from NCC, followed by the acquisition of the Danish business in 2021. The accelerated transformation enabled a return to revenue growth and profitability. Mutares remains a significant shareholder of Terranor with a stake of 57% and will continue to actively support the strategic development of the company.
Johannes Laumann, CIO of Mutares and board member of Terranor, comments: "The successful placement of the Terranor shares is another important milestone in the performance of our portfolio and the achievement of our exit target of EUR 200 million. Terranor shows a very promising business development with further increasing profitability, reflecting the successful operational transformation of the past years. Mutares remains a committed major shareholder with a stake of 57% and will continue to actively support Terranor in its strategic development."
