Classification society DNV has purchased more than 93% of shares in cyber-security provider Nixu following a public tender offer, valuing the deal at €98M (US$107M)
Nixu will be delisted from the Nasdaq Helsinki Stock Exchange and its business, including a 500-strong expert team, will be combined with DNV’s own cyber-security products. Nixu chief executive Teemu Salmi will lead this combined business.
DNV expects this deal to enhance its abilities to safeguard IT and industrial control system environments in sectors including maritime, energy, telecommunications and financial services. Together, they will provide consulting and management services, and cyber-security certification.
DNV group president and chief executive Remi Eriksen explained the rationale behind this acquisition.
“In this decade of transformation, fulfilling our purpose of safeguarding life, property and the environment is no longer restricted to managing risk for physical systems – it must now cover many distributed and interlinked cyber-physical systems,” he said.
“By joining forces with Nixu we will make cyberspace a more secure place with even greater impact than either company could achieve alone.
“Together, we will shape the future through cyber security, enabling more than 100,000 customers, their systems and their supply chains to manage emerging risks,” said Mr Eriksen.
DNV was already growing its cyber-security business and capabilities through acquisitions, having purchased Applied Risk, an industrial cyber-security specialist, in 2021.
The Oslo-headquartered group’s combined business will operate across Europe from hubs in Norway, Finland, Sweden, Denmark, the Netherlands, Germany and Romania.
“We will work in partnership with our customers and the security community to drive innovation and industry best practice to ensure business resilience and safeguard society,” said Mr Salmi.
DNV has begun a subsequent tender offer period, inviting holders of remaining shares in Nixu to tender their shares by 26 June 2023. It has initiated the process to acquire all remaining minority shares in Nixu in accordance with the Finnish Companies Act, before applying to delist Nixu from the Nasdaq Helsinki Stock Exchange.
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