EQT investors close share sale at SEK 370 apiece

The partners launched an accelerated book-building process to Swedish and international institutional investors, selling 63,126,553 shares at SEK 370 per share (a discount of 7.6% to the closing price as of 7 September 2021).

The largest individual seller was EQT chair Conni Jonsson, who sold around 5.23 million shares, amounting to SEK 1.93bn. He retains around 47.38 million shares. 

Following the sale, the five largest shareholders among partners retain more than 90% of their respective shares, EQT said. The partners are committed to reinvesting 50% of the net proceeds from any share sale pursuant to the September 2021 lock-up release into EQT funds over the next fund cycle.

The larger shareholders have sold less than 10% in the share sale, compared with the original lock-up allowing a 25% sell-down in 2022. Current and previous EQT partners now own 51% of the share capital and votes, compared with 58% prior to the sell-down.

While going for a partial lock-up release in order for partners to sell shares, EQT also prolonged the IPO share lock-up period in what it said were the "next steps for future-proofing the firm and strengthening its long-term ownership framework". Shares representing a further 8% of EQT's current share capital are set to be released in September 2023.

Morgan Stanley, SEB, BNP Paribas, Carnegie and JP Morgan acted as joint global coordinators and joint bookrunners in connection with the share sale.

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