Shearman & Sterling Advises Investcorp on Acquisition of ABAX Group
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.
The Shearman & Sterling team was led by partner Korey Fevzi
(London-Finance); counsel Jackson Lam
(London-Finance); and associates Anna Shelton, Michele Smith, and Thomas Evans (all London-Finance). Partner Simon Letherman
and associate Lois Howarth (both London-Tax) provided tax advice.