EQT in final exit from Scandic

Provobis took the larger stake, buying 15,026,982 shares and increasing its overall holding from 10% to 15.7%. Stena Sessan previously held no shares in the company and will now have a stake of approximately 14.6%. At the time of writing, the public share price was 92.25 SEK.

The sale represents EQT's complete divestment from the company after an IPO in December 2015 that valued the company at SEK 6.9bn.

Following the IPO, EQT and Accent Equity sold a joint share block worth SEK 1.084bn in September 2016. 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.

In December last year, EQT and Accent sold another 20% block for SEK 1.5bn.

Previous funding
EQT originally acquired Scandic from Hilton Hotels in early 2007 and then invited Accent Equity to acquire a 14% stake, leaving EQT owning 83%.

Company
Founded in 1963 and headquartered in Stockholm, Scandic is the largest hotel chain in the Nordic region. It operates 230 hotels in seven countries and employs approximately 9,400 people. The company reported an EBITDA of SEK 453m for 2016 and an EBIT of SEK 317m.

People
Provobis – Rolf Lundström (CEO). 
Scandic – Frank Fiskers (president, CEO).

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