Deutsche Bank has been selected as financial adviser by private equity company Triton on a sale, stock market listing or debt refinancing of Swedish specialty steel maker Ovako, Reuters reports. Financial advisory group Rothschild had been appointed earlier in the year to conduct a strategic review of the business. Triton took over Ovako in August last year.
Ovako, which may be valued around €1 billion, had sales of €854 million in the first nine months of 2011, a 40 percent increase from the same period last year. Ovako produces low-alloy as well as carbon steels. It comprises 14 production units mainly in Sweden and Finland and seven sales offices in Europe and North America. Triton handles total investments of around €4 billion from Nordic and international investors.
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