EQT et al. to sell ISS share block

An accelerated bookbuilding was announced today, adding eight million shares to the planned sale of 23 million units, in a move that will see the EQT funds divest alongside the board of Ontario Teachers' Pension Plan (OTTP).

EQT led the highly successful flotation of ISS on the Copenhagen stock exchange earlier this year, which saw the Sørborg, Denmark-based company valued at DKK 29.7bn.

The shares will be offered to institutional investors at DKK 165 apiece, an approximate 5% discount on the trading price. The rushed sale of extra shares follows in the wake of high levels of interest for the initial divestment.

Should the offer be subscribed to in full, EQT would see its stake reduced to 32.7% and around 60.8 million shares.

OTTP will sell 10% of the shares on offer and its stake after the sale will be 12.1%, though it intends to remain as a long-term shareholder in ISS.

Nordea Markets, Goldman Sachs and UBS acted as joint bookrunners on the placement.

Previous funding
EQT and Goldman Sachs acquired ISS for around DKK 20bn in 2005, with OTTP and Kirkbi Invest acquiring a 26% stake in 2012 for DKK 3.7bn.

The company floated on the Danish Copenhagen OMX stock exchange in March 2014, valued at DKK 29.6bn.

Company
Founded in 1901, ISS is a facility services company that provides cleaning, support, property, catering, security and facility management services in Europe, Asia, the US, Latin America and across the Pacific.

Headquartered in Søborg, Denmark, the company employs more than half a million people globally, and had revenues of more than DKK 78bn in 2013.

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