EQT and Accent sell 20% stake in Scandic for SEK 1.5bn

The GPs will retain a 20% stake in Scandic following the process, which will be subject to a three-month lock-up period ending on 23 February 2017.

The partial divestment comes three months after EQT and Accent Equity sold a joint share block worth SEK 1.084bn in the business.

As part of the latest process, the firms sold 21 million shares priced at SEK 72.5 apiece, an 8% increase on the SEK 67 share price Scandic listed at in December 2015.

The share sale took place via an accelerated bookbuilding process, with Skandinaviska Enskilda Banken, Deutsche Bank and Morgan Stanley International acting as bookrunners.

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 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.

People
Scandic Hotels Group – Frank Fiskers (president, CEO).

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