Recent work | April 19, 2022

Roschier advises Basware Corporation in the public cash tender offer for the shares in the company

Basware Corporation has entered into a combination agreement with Sapphire BidCo Ltd regarding a voluntary recommended public cash tender offer for all the issued and outstanding shares and warrants in Basware. The cash consideration of EUR 40.10 per share represents a total equity value of approximately EUR 620 million. Roschier represents Basware in the transaction.

Following the completion of the tender offer, Basware will be indirectly wholly-owned by a consortium of investors comprising Accel-KKR Capital Partners VI, LP, Long Path Holdings 1, LP and Briarwood Capital Partners LP through Sapphire BidCo Ltd, a newly-formed private limited liability company established for the purposes of the tender offer and incorporated and existing under the laws of Finland.

The offer period is expected to commence on or about 26 April 2022, and to expire on or about 7 June 2022. Completion of the tender offer is subject to customary conditions, including, among other things, approvals from relevant competition authorities or other regulatory authorities and the offeror having gained control of more than 90 percent of the shares and votes in Basware on a fully-diluted basis.

Basware Corporation is a global provider of Cloud-based Networked Procure-to-Pay solutions to help customers simplify operations and spend smarter by automating procurement and finance processes. Its shares are admitted to trading on the official list of Nasdaq Helsinki.

Roschier’s core advisory team comprises Petri Avikainen, Antti Ihamuotila, Seppo Kymäläinen, Arto Linnervuo, Maiju Klemola, Ami Paanajärvi, Julia Vahvaselkä, Helena Viita, Mattias Brännkärr, Valentin Golovanov, Liisa Rekola, Jaakko Laitinen and Maiju Airisniemi.