EQT Sells €1 Billion Industrial Tech Firm Ellab to Novo Holdings

EQT AB said it’s selling industrial technology company Ellab to the controlling shareholder of health-care giant Novo Nordisk A/S.

Novo Holdings, the investing arm of the Novo Nordisk Foundation, is buying the asset from EQT’s Mid Market Europe fund. The transaction values Ellab at about €1 billion ($1.1 billion), people with knowledge of the matter said, asking not to be identified discussing confidential information.

The Swedish investment firm, which bought Ellab in 2019, is working with Morgan Stanley on the disposal, Bloomberg News reported earlier this month.

Denmark-based Ellab, which was founded more than 70 years ago, provides ...