Toymaker Lego’s owners and a Canadian pension fund are to pay 3.72 billion Danish crowns ($614 million) for a 26 percent stake in Danish cleaning group ISS , which will use the money to cut debt, relaunching its IPO plans, Reuters reports. ISS made a failed attempt at an initial public offering last year after which it agreed to a 130 Danish crowns per share cash and share offer from G4S Plc , a deal the British security services group later scrapped. Thursday’s deal was worth 105 crowns per share, said ISS, which has been focused on cutting debt and boosting growth.
“ISS is on track to significantly deleverage ahead of an IPO within a few years,” chairman Ole Andersen said.
The Ontario Teachers’ Pension Plan will invest about 2.605 billion crowns for its stake, while the Danish Kirk Kristiansen family’s holding and investment company, Kirkbi A/S, which controls Lego, will pay 1.116 billion…
- ‘Buyer’s remorse’ dogging Common Core rollout - October 30, 2014
- Calif. law targets social media monitoring of students - October 2, 2014
- Elementary world language instruction - September 25, 2014
