EQT and First Kraft jointly announced a voluntary public tender offer for all outstanding shares in Fortnox at SEK 90 per share, implying a total equity value of approximately SEK 54.9 billion. The offer represents an extremely high valuation in absolute terms, reflecting Fortnox's exceptional combination of sustained revenue growth exceeding 20% per annum, a ~54% EBITDA margin, and its dominant market position in Swedish SME financial software. First Kraft, as Fortnox's largest existing shareholder, participates as a co-bidder rather than a seller, reinforcing its long-term conviction in the business.

FORTNOX, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level around LOGIN higher than the average currently observed in the TMT (Tech, Media, Telecom) sector (13.6x).

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