EQT Partners Sell 63.1 Million Shares as Part of Share Lock-Up Revision

By Dominic Chopping

STOCKHOLM--Swedish private-equity firm EQT AB said late Tuesday that partners in the company have sold 63.1 million shares at 370 Swedish kronor ($43.17) each as part of a share lock-up revision.

The lock-up revision sees EQT partners' initial-public-offering share lock-up period prolonged, alongside a partial lock-up release, as part of its next steps for future-proofing the firm and strengthening its long-term ownership framework, it said.

The shares that have now been sold represent 6% of EQT's share capital, or less than half of the release previously scheduled for September 2022.

The remaining part of the original 2022 lock-up will be subject to an extended lock-up period, with shares representing a further 8% of EQT's current share capital to be released in September 2023, it added.

"We are now taking proactive and responsible steps in revising the lock-up structure for EQT AB's Partners to further strengthen the ownership base and incrementally improve stock liquidity," said EQT Chairperson Conni Jonsson.

"It is also about future-proofing EQT further. The firm will benefit from a more solid governance, a stronger alignment of interests, and a broadened ownership base," Mr. Jonsson said.

Partners have committed to reinvest 50% of the net proceeds from Tuesday's share sale into EQT funds over the next fund cycle, it said.

Following the share sale, partners jointly own 506.7 million shares in EQT corresponding to 51% of the share capital, from 58% beforehand.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

09-08-21 0240ET