EQT has sold a SEK 696m share block in Swedish private education company AcadeMedia through an accelerated bookbuilding process.
The GP sold 12 million shares at SEK 58 apiece in the placement run by Carnegie and Nordea, equivalent to a value of SEK 696m.
According to a statement by EQT, the bookbuilding process was oversubscribed and placed shares with Swedish and international institutional investors.
Following the sell-down, EQT V and its co-investors hold a 41.6% stake in the Nasdaq Stockholm-listed company, through the Marvin holdco.
The holding vehicle has entered into a lock-up for its remaining shares until 10 May 2017, unless permission to sell is given by Nordea and Carnegie.
AcadeMedia was listed by EQT in June 2016, achieving a SEK 3.7bn market cap upon its introduction to Nasdaq Stockholm. Around 29% of the company's shares were placed in free float at the time, at a price of SEK 40 apiece.
EQT had acquired AcadeMedia in June 2010, taking a 79.4% stake in the company through a public-to-private bid that valued the company at SEK 3.31bn. The GP tapped its EQT V fund for equity, with Nordea providing senior debt while MezzVest and Partners Group supported the transaction with mezzanine financing.
Founded in 1996, AcadeMedia is a private education provider operating in northern Europe. It offers schooling from pre-school level through compulsory school and upper secondary, as well as adult education courses. The company operates in Sweden, Norway and Germany. It had revenues of SEK 8.1bn in 2015 with operating income before interest and taxes of SEK 517m.
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