On 17 May 2021, Palace Bidco Oy announced a recommended cash offer to the shareholders of Adapteo Plc.
The offer valued Adapteo’s entire issued and to be issued share capital at approximately SEK 8.1 billion. On 17 August 2021, the offer was declared unconditional and on 18 August 2021, Palace Bidco Oy announced that the offer had been accepted by shareholders representing approximately 94.18% of the total number of shares and votes in Adapteo.
Adapteo is a leading provider of flexible, reusable modular space rental solutions to the social infrastructure and offices sectors in Northern Europe. Adapteo primarily rents adaptable buildings for schools, daycare centres, elderly care, offices, accommodation and events.
Palace Bidco Oy is a company indirectly wholly owned by West Street Global Infrastructure Partners IV, L.P., which is one of a series of funds managed or advised by Goldman Sachs Asset Management to make direct investments in infrastructure and infrastructure-related assets and companies globally.
Palace Bidco Oy was advised by Mannheimer Swartling, Sullivan & Cromwell LLP and Borenius in connection with the offer.