EQT and Accent in SEK 1bn Scandic share sale

Following an accelerated bookbuilding process, EQT V and Accent Equity 2003's joint holdco Sunstorm placed 15.6 million shares with institutional investors, reducing their stake from around 50% to 40.84% of total Scandic stock. Through its EQT V fund, the GP owns around 86% of Sunstorm Holding, while Accent Equity 2003 owns 12%.

The shares were priced at SEK 69.5 apiece, representing a slight increase on the SEK 67 share price Scandic listed at in December 2015.

SEB and ABG Sundal Collier acted as joint bookrunners in the placement, which also saw Scandic cornerstone investor Provobis increase its shareholding form 6.3% to 8.7%.

Previous funding
Scandic Hotels was listed on Nasdaq OMX Stockholm in December 2015, pricing at the lower end of its initial range with a market cap of SEK 6.9bn.

EQT and Accent's partial exit came eight years after the GPs jointly acquired Scandic in an €833m carve-out from the Hilton Hotels Group in March 2007.

Company
Scandic is a Nordic hotel operator founded in 1963 and headquartered in Stockholm. The company has 224 hotels. In addition to its Nordic presence, Scandic also has locations in Germany, Poland and Belgium.

The business had revenues of SEK 12.2bn in the year to 30 September 2015 and employs a workforce of around 8,900.

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• Topics
• Exits
• Nordics
• Consumer
• EQT
• Accent Equity Partners
• Partial sale
• Sweden