Investor AB Q3 net asset value rises 7% as Nova Biomedical deal closes

Swedish investment firm Investor AB on Thursday reported a 7% rise in its adjusted net asset value to 1,028.0 billion Swedish kronor for the third quarter, outperforming the local stock market.

The growth was supported by its private equity arm, Patricia Industries, which reported a 4% total return, according to the company.

This is the first quarterly report since Patricia Industries' subsidiary Advanced Instruments completed its $2.2 billion acquisition of Nova Biomedical.

Patricia Industries contributed $1.6 billion to finance the deal, and the combined company now operates under the Nova Biomedical name, the company said.

Sales growth for Patricia Industries' major subsidiaries was negative 4%, though organic growth was 4% in constant currency, while adjusted earnings were impacted by negative currency effects.

"In today’s environment, it is pleasing to see that our portfolio companies are doing a good job focusing on what they can control, such as cost efficiency, while they continue to invest in future-proofing their businesses, setting themselves up for stronger long-term performance,” said Chief Executive Christian Cederholm.

During the quarter, Investor also acquired shares in Atlas Copco and Ericsson for a combined 1.1 billion Swedish kronor.