Shearman & Sterling represented Investcorp in connection with the financing for its acquisition of ABAX Group, an international market leader in vehicle tracking technology, from Norvestor Equity AS for an enterprise value of NOK 1.8 billion ($210 million).
Founded in 2003, ABAX has become one of Europe's fastest-growing technology businesses developing and delivering sophisticated fleet tracking, electronic triplogs, equipment and vehicle control systems. The company is headquartered in Norway and has approximately 350 employees and established operations across the Nordic region as well as the UK, China, Poland and the Netherlands.
Investcorp is a world-leading manager of alternative investments for select individuals and institutions. It manages more than $21.4 billion of assets and is headquartered in Bahrain.