Thursday 19 April 2018

Jordan wins big in €220m Norkom deal

Nick Webb

Nick Webb

FORMER F1 team boss and part-time rock'n'roll drummer Eddie Jordan has emerged as one of the big winners in the near €220m takeover of Norkom Technologies by UK defence firm BAE Systems.

The company's shareholding register showed that Jordan held 299,178 shares last week. Based on BAE's offer of €2.10 per share, his stake is worth close to €630,000.

Norkom's share price soared when news of the takeover approach broke earlier this month. Jordan is understood to have been an early backer of Norkom along with telecoms tycoon Denis O'Brien and former FAI boss Fran Rooney.

Other shareholders in the company include Fianna Fail TD and Ceann Comhairle Seamus Kirk, who has held 2,526 shares since late 2007. The Louth TD's stake is worth about €5,300. Tony Smurfit is another big winner, with shares worth almost €30,000. Brian Caulfield owned more than €8,100 worth of shares.

Shane Reihill's TVC holdings looks set to be the biggest winner from the deal, with its 29 per cent stake worth almost €65m. Mr Reihill also owns 1.2 million shares worth €2.5m, with TVC Holdings chief executive John Treacy owning about €1.5m worth of shares. Norkom boss Paul Kerley could be in line for more than €15m, as he owns more than €10m worth of shares and stock options worth about €5m. Other board members of the high-flying financial software firm include Independent News and Media boss Gavin O'Reilly.

The deal needs to be approved by 80 per cent of shareholders. It has been recommended by the board.

It is the latest in a series of deals that have seen hot Irish companies bought out by major industry players. Cyril McGuire's Trintech was taken over for close to €100m before Christmas.

Sunday Indo Business

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