23 April 2024
OK takes over COOP in historic agreement
We acted as financing counsel to energy company OK a.m.b.a. in connection with its historic investment in Coop Danmark A/S
On 12 April 2024, it was announced that energy company OK a.m.b.a. has entered into a historic agreement with Coop amba relating to a capital injection of approx. DKK 2 billion in Coop Danmark A/S. On 19 April 2024, the transaction was approved by the “national counsel” (landsrådet) of Coop amba. Closing of the transaction remains subject to customary regulatory approvals.
Bruun & Hjejle acted as financing counsel to OK a.m.b.a. in relation to all financing aspects of the transaction, including (i) a new financing package for OK, (ii) a new financing package for Coop, and (iii) financing for OK’s acquisition of Coop Byen II as part of the transaction.
The new financing package for OK comprises DKK 2.9 billion term and revolving credit facilities provided by a Nordic bank club for purposes of, among others, the investment in Coop.
The new financing package for Coop comprises a DKK 1.55 billion revolving credit facility provided by a Nordic bank club for general corporate purposes. The new financing for Coop is conditional upon closing of the transaction.