EQT to sell remaining 12.1% stake in AcadeMedia

The Swedish GP has mandated Carnegie Investment Bank and Skandinaviska Enskilda Banken to explore the option of selling its shares in the firm, according to a statement.

The shares are sold by Marvin Holding, a holding company owned by EQT V and co-investors. Marvin's 11,511,385 shares represent 12.1% of the total number of shares in AcadeMedia.

An accelerated bookbuilding process will determine the price per share in the placing, the private equity investor said.

Carnegie and SEB will be joint bookrunners in the placing.

EQT 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.

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 sold a SEK 696m share block in AcadeMedia in February 2017, with shares priced at SEK 58 apiece. This left Marvin with a 41.6% stake in the Nasdaq Stockholm-listed company.

Since then, EQT sold a further SEK 855m share block in the Swedish private education company through an accelerated bookbuilding process announced in June 2017.

It sold a further 13% stake in September 2017, decreasing its holding down to around 12%.

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