EQT joined forces with Fortnox Chair and largest shareholder Olof Hallrup to acquire the Swedish accounting software firm in an all-cash offer valuing the company at $5.5bn.

The consortium’s bid, priced at SKr90 per share, is final under Swedish takeover regulations.

The move comes after a challenging period for Fortnox, which operates exclusively in Sweden. The company faced scrutiny in 2024 over its accounting practices, culminating in the resignation of former CEO Tommy Eklund. Shares had dropped earlier in the year following critical reporting and increased short-seller activity.

Despite controversy, Fortnox shares surged 36% following the bid announcement. Hallrup’s investment vehicle First Kraft held an 18.9% stake at the end of 2024, giving the consortium a strong foothold in the deal.

EQT and Hallrup’s vehicle, Omega II, stated that Fortnox is “at a critical juncture” where future growth will require substantial investment in both product innovation and potential M&A. The bidders believe private ownership will allow Fortnox to scale more efficiently in a market where local dynamics often hinder cross-border expansion.

Interim CEO Roger Hartelius is leading the business while a permanent successor is sought. Due to conflicts of interest on the Fortnox board, accounting firm EY has been commissioned to provide a fairness opinion on the offer.

An official offer document is expected by mid-May, with the acceptance period likely running until mid-June.