Investment firm Guardian Smart Infrastructure Management (GSIM) is to buy Norway-based toll technology specialist Q-Free.
The transaction - which is expected to go through in early October - involves another entity, called Juniper Holdco, acquiring Rieber & Søn’s 62.8% shareholding in Q-Free for $1.13 (NOK 12) per share.
Juniper is 70% owned by GSIM - a subsidiary of Guardian Capital Group - and 30% owned by Rieber, a Bergen-based investment firm.
GSIM says it is "focused on investing in the growing number of opportunities and projects designed to enhance the productivity of new and existing global infrastructure assets by integrating technological innovations".
Juniper will make the same offer of NOK 12 per share to the remaining shareholders - a deal that the Q-Free board recommends.
An initial $100 million was provided for the transaction and for "proposed follow-on investments" by Guardian and the GSIM management team.
GSIM president Robert Mah says the money will be put into Q-Free "in an effort to continue its strong record of growth and leading by innovation”.
"Q-Free is highly regarded, particularly for its edge technology solutions, in the rapidly growing market for intelligent transportation services designed to ease congestion, reduce pollution, and improve the quality of life for commuters, professional drivers and fleet operators," he adds.
Guardian says Mah and his investment partners have put $11 billion into 37 infrastructure transactions, "many of which are relevant to Q-Free and its customers in traffic management, toll roads and ports/intermodal".
Rieber MD Fritz Rieber says Guardian has "the potential to significantly contribute to the company’s growth, both financially and through its network, particularly in North America".