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Payday nears for Altor as fitness club SATS eyes fourth quarter listing

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OSLO (Reuters) – Nordic fitness club operator SATS plans to raise 1.4 billion Norwegian crowns (£125.10 million) in an initial public offering and plans to list its shares on the Oslo Stock Exchange in the fourth quarter, the company said on Thursday.

SATS is controlled by private equity firm Altor and Danish investment company Tryghedsgruppen, both of which may also sell some of their holdings in the firm when it goes public.

About one third of the IPO proceeds, or 470 million crowns, will be used to pay off debt, while the rest will be used to cover the cost of the transaction and to pay a dividend to existing shareholders, the company said.

It did not reveal the price at which the new shares would be sold however, and thus how much the company could be valued at.

Bankers from ABG Sundal Collier, Morgan Stanley, Carnegie, Swedbank and Kepler Cheuvreux are advising on the transaction.

(Reporting by Terje Solsvik, editing by Gwladys Fouche)

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