On Monday 30 August 2021 Cegal AS (“Cegal”), a trusted global digitalisation partner for the energy sector, announced that it has entered into a binding agreement to merge with Sysco AS (“SYSCO”), a fast-growing tech company also specialising in the energy sector.
Together, Cegal and SYSCO will create a leading, global tech company for the energy sector, and take a position as a powerful contributor to the green shift. The combined company will have a strengthened position as a trusted partner for industries digitalising their operations on a large scale, offering a complementary product and industry mix as well as critical mass to expand in new verticals and geographies.
The combined company will have over 700 employees with more than 30 nationalities and offices in eight countries. Total revenue for the combined company is expected to reach approximately NOK 1.4 billion for 2021. The company will continue to have well established Norwegian owners with a consortium of investors managed by Norvestor, consisting of Argentum, Cubera and DWS as the majority owner. Existing SYSCO owners Credo Partners and Ferd will also retain ownership in the new company.
To partly finance the merger, Cegal raised an additional NOK 600 million under the existing NOK 900 million Senior Secured bonds. The tap issue received strong demand from high quality institutional investors globally and the transaction was substantially over-subscribed.
