Who Owns Karnov Group Company?

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Who Owns Karnov Group?

Understanding Karnov Group's ownership is key to its strategic direction and market impact. Its 2019 IPO on Nasdaq Stockholm marked a shift from private equity to public trading, broadening its investor base.

Karnov Group AB, based in Stockholm, Sweden, is a major provider of legal, tax, and regulatory information and tools, serving professionals across Europe. Its history dates back to 1823, with a mission to make legal information accessible.

As of August 2025, Karnov Group has a market capitalization of approximately $1.28 billion USD. This analysis explores its ownership, from early supporters to current institutional investors and board makeup, including insights from a Karnov Group PESTEL Analysis.

Karnov Group's origins trace back to Magnus Karnov, who began compiling Danish laws in the 1920s to make them more accessible. While 1924 is often cited as the company's founding year, its roots in accessible legal information go back to 1823. Early details on the initial ownership structure are not publicly documented, but the company's focus was on curated legal content, evolving into 'Karnovs Lovsamling' in 1948 with expert annotations.

Magnus Karnov's Vision

Magnus Karnov initiated the collection of Danish laws to improve legal accessibility. His work laid the foundation for a company dedicated to curated legal information.

Early Development

The company's early years were defined by a commitment to legal content. The renaming to 'Karnovs Lovsamling' in 1948 signified a growth in the depth and quality of its publications.

Transition to Private Equity

In 2012, the company was separated from Thomson Reuters and acquired by GMT private equity. This marked a significant shift in its ownership structure.

Institutional Investment

Five Arrows Principal Investment (FAPI) acquired Karnov Group from GMT in 2015. This private equity involvement provided capital for expansion and strategic acquisitions.

Pre-IPO Ownership

The period under private equity ownership was crucial for Karnov Group's development. These investments helped shape the company's structure leading up to its public listing.

Historical Context

With a history spanning over 150 years, Karnov Group's ownership has evolved significantly. Its foundation is built on the principle of making legal information accessible.

The ownership of Karnov Group has undergone substantial transformations, moving from its foundational private ownership to significant private equity involvement. A pivotal moment occurred in 2012 when the company was divested from Thomson Reuters and subsequently acquired by GMT private equity. This transition was followed by another key acquisition in 2015, where Five Arrows Principal Investment (FAPI) took ownership from GMT. These private equity phases were instrumental in providing the necessary capital for strategic growth initiatives and acquisitions, effectively preparing the company for its eventual public offering. Understanding these ownership shifts is key to grasping the company's trajectory and its business model, as detailed in the Revenue Streams & Business Model of Karnov Group.

Key Ownership Milestones

Karnov Group's ownership history includes significant transitions driven by private equity. These stages were crucial for its strategic development and expansion.

• Separation from Thomson Reuters in 2012
• Acquisition by GMT private equity in 2012
• Acquisition by Five Arrows Principal Investment (FAPI) in 2015
• Private equity funding facilitated strategic acquisitions and growth

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Karnov Group's ownership structure was significantly reshaped following its public listing on Nasdaq Stockholm on April 11, 2019. The Initial Public Offering (IPO) set the share price at SEK 43, establishing an initial market valuation of approximately SEK 4,200 million. This event marked a transition to a publicly traded entity, influencing its subsequent shareholder dynamics.

As of August 2025, Karnov Group maintains a market capitalization of roughly $1.28 billion USD, with a total of 107,876,145 shares outstanding. The company's shareholder base is characterized by the substantial influence of institutional investors. Key entities such as Invesco Advisers, Inc., Invesco Asset Management Ltd., Franklin Resources, Inc., and Phoenix Asset Management Partners Ltd. hold significant portions of the company's stock, impacting its governance and strategic direction.

Major Stakeholders in Karnov Group

Institutional investors are pivotal in Karnov Group's ownership structure. Their holdings provide considerable voting power and influence over corporate decisions.

• Invesco Advisers, Inc.
• Invesco Asset Management Ltd.
• Franklin Resources, Inc.
• Phoenix Asset Management Partners Ltd.

The dynamics of Karnov Group's ownership are further illustrated by events such as the public takeover offer made in May 2024 by a consortium of Greenoaks Capital Partners and Long Path Partners. These entities collectively held 20.3% of the outstanding shares prior to their offer. Although the offer was withdrawn in June 2024 due to not meeting the 90% acceptance threshold, it underscored the significant influence that large shareholders can exert. Understanding who owns Karnov Group is crucial for assessing its strategic direction and potential future developments, including its Competitors Landscape of Karnov Group.

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The Board of Directors of Karnov Group is responsible for the company's strategic direction and corporate governance. As of May 2025, the board comprises six members, with appointments extending until the annual general meeting in 2026. Magnus Mandersson chairs the board, a role he has held since March 2018. The board's average tenure is 6.3 years, reflecting significant experience.

Karnov Group utilizes a dual-class share structure, featuring ordinary shares and series C shares. Ordinary shares each carry one vote, while series C shares have one-tenth of a vote per share and are not entitled to dividends. This structure can influence voting power relative to economic ownership. For instance, the May 15, 2025, Annual General Meeting approved board fees and authorizations for Long-Term Incentive Programs (LTIPs) for 2023, 2024, and 2025, which involve the issuance and acquisition of C shares, highlighting their use in incentive and capital management strategies. Understanding this structure is key to comprehending Karnov Group ownership and who owns Karnov Group.

Understanding Voting Power

Karnov Group's dual-class share system significantly impacts voting power distribution among its shareholders. This structure allows for differentiated control, even with varying economic stakes.

• Ordinary shares: 1 vote per share.
• Series C shares: 0.1 vote per share, no dividends.
• Impact on Karnov Group shareholders: Allows for concentrated control by certain investors.
• Strategic use: LTIPs involve C shares for incentive and capital management.
• Key for Karnov Group investors: Essential for analyzing Karnov Group stock and ownership.

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Over the past few years, Karnov Group has seen significant shifts in its ownership landscape, marked by strategic acquisitions and a notable takeover attempt. These events provide insight into the evolving dynamics of the legal tech sector and the company's position within it.

Recent developments indicate a strategic focus on core online legal information solutions and the integration of artificial intelligence. The company's commitment to AI is evident through the launch of AI legal research assistants and the appointment of a Senior AI Advisor to the Board of Directors. These initiatives align with broader industry trends in legal technology, aiming to enhance service offerings and operational efficiency. The failed takeover bid in mid-2024, while unsuccessful in achieving the required shareholder acceptance, underscored the board's strategy and existing shareholder interests. Further portfolio optimization, such as the planned divestment of the Spanish legal training business in June 2025, signals a continued effort to concentrate on high-growth areas and improve profitability, potentially impacting the adjusted EBITA margin positively. This strategic recalibration is a key aspect of the company's ongoing Marketing Strategy of Karnov Group.

AI Integration Focus

Karnov Group is actively investing in AI, launching new legal research assistants. This reflects a commitment to leveraging advanced technology in its offerings.

Portfolio Optimization

The company is streamlining its business by divesting non-core assets. This move aims to enhance focus on core online legal information solutions.

Strategic Acquisitions

Recent acquisitions, like Schultz in Denmark, have expanded the company's market reach. These moves are designed to strengthen its position in key markets.

Shareholder Dynamics

A significant takeover offer in 2024 highlighted investor interest but ultimately did not proceed. This event underscores the current ownership structure and board strategy.

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