Binding agreement for the sale of Fiven

PRESS RELEASE                                                                                                                        

Oslo, 4^th June 2024 at 20.20 CET

 

Binding agreement for the sale of Fiven

Fiven, a worldwide leading producer of Silicon Carbide ("SiC"), announced today that its owner, OpenGate Capital ("Open Gate"), a global private equity firm, has entered into a binding agreement for the sale of Fiven to Kymera International, a portfolio company of Palladium Equity Partners, LLC. The terms of the agreement were not disclosed.

OpenGate acquired Fiven in 2019 through a corporate carve-out from Saint-Gobain.

Fiven's SiC grains and powders possess distinct characteristics, including exceptional hardness, thermal resistance, thermal conductivity, wear resistance, and chemical inertness. These products cater to a broad customer base throughout Europe, South America, North America, and Asia, serving various industries such as metallurgy, refractories, abrasives, filtration, and technical ceramics. With manufacturing facilities located in Norway, Belgium, and Brazil, Fiven operates on a global scale and is headquartered in Oslo, Norway.

The transaction is subject to customary regulatory approvals and is expected to close in Q3 2024. 

http://www.rns-pdf.londonstockexchange.com/rns/1896R_1-2024-6-5.pdf

For further information, please contact:

Stein Erik Ommundsen, Group CFO and General Manager
+47 975 10 481, Stein.E.Ommundsen@Fiven.com

Stefan Mokros, IR Manager
+49 221 6507 6097, stefan.mokros@fiven.com

This information is information that Fiven ASA is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 20:20 CET on 4 June 2024.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.