M&A Deal Summary

HitecVision, Hafslund and Telenor Acquire Skygard

On March 19, 2024, private equity firm HitecVision, Hafslund and Telenor acquired information technology company Skygard

Acquisition Highlights
  • This is HitecVision’s 1st, Hafslund’s 1st and Telenor’s 1st transaction in the Information Technology sector.
  • This is HitecVision’s 1st, Hafslund’s 1st and Telenor’s 1st transaction in Montenegro.

M&A Deal Summary

Date 2024-03-19
Target Skygard
Sector Information Technology
Buyer(s) HitecVision
Hafslund
Telenor
Deal Type Joint Venture

Target

Skygard

Oslo, Montenegro
Skygard is a co-location data centre provider, developing a high-security, energy-efficient data centre cluster in Oslo, with further growth ambitions for the Nordics. Skygard was formed in 2024 and is based in Oslo, Norway.

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Buyer(S) 3

Buyer

HitecVision

Stavanger, Norway

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1985
PE ASSETS 8.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

HitecVision is a private equity firm specializing in buyouts and growth capital investments in the oil and gas industry. The Firm targets investments in middle-market companies throughout North America (primarily US) and Northern Europe (primarily Norway and the UK). HitecVision seeks companies with growth potential and unique technologies. The Firm looks to invest €150 to €500 million in companies. Specific areas of interest include drilling/down-hole, exploration/production, field development, mid- and downstream, and subsurface. HitecVision was formed in 1985 and is based in Stavanger. The Firm has additional offices in Oslo and Texas.


DEAL STATS #
Overall 62 of 64
Sector: Information Technology M&A 1 of 1
Type: Joint Venture M&A Deals 3 of 4
Country: Montenegro M&A 1 of 1
Year: 2024 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-04 Cadre

Kristiansand, Norway

Cadre is a regional utility and operator of small-scale hydropower, and an experienced management team. Cadre develops, owns, and operates small-scale hydropower plants in Norway and works to rapidly expand its position through M&A, strategic partnerships and by building its greenfield portfolio. Cadre was founded in 2022 and is based in Kristiansand, Norway.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-07 Havfram

Stavanger, Norway

Havfram is a provider of subsea services and hold strong EPCI (Engineering, Procurement, Construction, Installation) expertise within the SURF (Subsea structures, Umbilicals, Risers, Flowlines) segment. Havfram was founded in 2011 and is based in Stavanger, Norway.

Sell -
Buyer

Hafslund

Skoyen, Norway

Category Company
Founded 1898
Sector Renewable Energy
DESCRIPTION

Hafslund is a hydropower company. Hafslund was founded in 1898 and is based in Oslo, Norway.


DEAL STATS #
Overall 2 of 2
Sector: Information Technology M&A 1 of 1
Type: Joint Venture M&A Deals 1 of 1
Country: Montenegro M&A 1 of 1
Year: 2024 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-20 Hafslund Oslo Celsio

Oslo, Norway

Hafslund Oslo Celsio is a heating provider. Company delivers sustainable district heating and power to commercial and residential properties throughout Oslo, providing heating and hot water to more than 200,000 people. Hafslund Oslo Celsio was founded in 2017 and is based in Oslo, Norway.

Buy -
Buyer

Telenor

Fornebu, Norway

Category Company
Founded 1855
Sector Communications
Employees10,867
Revenue 79.9B NOK (2024)
DESCRIPTION

Telenor is a Norwegian multinational telecommunications company. It is one of the world's largest mobile telecommunications companies with operations in Scandinavia, Eastern Europe and Asia. Telenor was founded in 1855 and is based in Fornebu, Norway.


DEAL STATS #
Overall 13 of 13
Sector: Information Technology M&A 1 of 1
Type: Joint Venture M&A Deals 1 of 1
Country: Montenegro M&A 1 of 1
Year: 2024 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-10 Liquid Barcodes

Lysaker, Norway

Liquid Barcodes is the provider of mobile coupons. Liquid Barcodes is based in Lysaker, Norway.

Sell -