BaltCap makes bid for HansaMatrix

Private equity fund manager BaltCap, through its company Emsco, has submitted to the Bank of Latvia a prospectus for the voluntary share purchase offer of JSC HansaMatrix to acquire at least 75% of its voting shares, BaltCap said February 17.

According to the prospectus, the purchase price per share of the electronic manufacturing services company HansaMatrix will be EUR 8.50. HansaMatrix is one of the leading manufacturers of electronic systems and components in Northern Europe.

The offer will be effective upon the Bank of Latvia's decision to authorise the voluntary share purchase offer.

"BaltCap managed fund has been a minority shareholder of HansaMatrix for more than four years and we have had the opportunity to follow the company’s development. As a private equity investor, our goal is to help promising companies grow and become leading businesses in the region and beyond. We are certain that HansaMatrix has a better chance to accelerate growth with a more consolidated shareholder structure. We believe we are offering an attractive price to HansaMatrix shareholders, which is a 22% premium on the price at the end of 2022 and 12% premium on the price of 16 February 2023," said Juris Pārups, Investment Director at BaltCap. 

If the voluntary share purchase offer is successful, BaltCap intends to propose the delisting of HansaMatrix from the regulated market. In November 2022, the Competition Council of Latvia decided to allow BaltCap's company Emsco to acquire HansaMatrix. BaltCap managed fund currently owns 9.92% of HansaMatrix shares. The offer will be valid for 30 days.



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