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Lumi acquires Bjørknes at 4.6x EV/EBITLumi announced this morning that they have acquired the operating business of Bjørknes Privatskole, an Oslo-based provider of exam preparation courses for private candidates, founded in 1950. The transaction is valued at an enterprise value of NOK 37m, implying an EV/EBIT multiple of 4.6x on '25 adjusted EBIT (vs. Lumi's '26 EV/EBIT of ~12x), with an indicative equity value of ~NOK 39.6m. Bjørknes generated revenue of NOK 37m in '25 and adjusted EBIT of around NOK 8m in both '24 and '25, with '26 expected to show similar profitability. The acquisition will be financed through existing facilities and available cash, with closing targeted in Q3'26. Meaningful synergies identifiedBjørknes operates from a campus in Nydalen, Oslo, offering full-time, part-time and online instruction, with particular strength in STEM-oriented courses. The business will complement Lumi's existing subsidiary Sonans, broadening the combined offering for private candidates. Management has identified operational synergies related to shared infrastructure, marketing and platform utilisation, with run-rate EBIT improvement expected in the range of 75-100% of Bjørknes' current adjusted EBIT (EV/EBIT would then be ~2.3-2.6x). The bulk of this improvement is expected to be realised from the start of and during the 2027/28 academic year, with associated one-off integration costs to be reported as non-recurring items. A detailed integration plan is to be communicated at a later stage. Estimates could rise by 6-9%Holding underlying revenue and margins flat, the acquisition could lift group 2027e revenue and EBIT estimates by ~6%. Layering in "only" ~50-75% improvement to Bjørknes' underlying EBIT by 2028e, 2028e group EBIT could increase by ~8-9%. |