We are pleased to announce having advised Xllnc Nordic on the acquisition of Replace, acting as local advisors through Hansen Law, a world-class Swedish boutique law firm. Replace delivers mobile and IT equipment recycling services to large Nordic and European enterprises, while Xllnc delivers IT lifecycle management solutions to large corporations, the public sector and schools. Xllnc is majority owned by Norvestor, one of the most established and experienced private equity firms in the Nordic region and currently makes investments from a EUR 600 million fund.

In 2019, Xllnc and Replace will have combined revenues of approx EUR 300 million.

Leading the pack

According to Martin Backman, CEO of Xllnc, the acquisition is a perfect match and with it, “Xllnc will be the first Nordic IT services provider to offer sustainable IT services on a large scale to our customers”. As noted by Henning Vold, a partner at Norvestor: “Replace will significantly strengthen our capability to help enterprises become more climate friendly and drive the evolution of the circular economy.”

Our services and project team

We advised Xllnc Nordic on all legal aspects of the transaction, including conducting legal due diligence of Replace and its Estonian subsidiary, assisting with drafting the share purchase agreement, financing and refinancing and in managing a smooth closing.

The client was advised by partner Piret Jesse, with senior associates Piret Lappert and Jane Eespõld plus associates Robin Teever and Oliver Ämarik.