NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO
Pursuant to the first partial lock-up release, Partners of
"When looking at the long-term growth prospects of private markets and the way EQT does business with purpose, talented people and positive impact at the core of everything we do, there are ample opportunities for us to continue to grow as a firm. Our success lies in the close, long-term alignment with EQT's clients and our relentless focus on performance. The adjusted lock-up structure promotes exactly those aspects and benefits all our different stakeholders; clients, shareholders, employees and portfolio companies," says
Lock-up revision strategic rationale
- Proactively setting a solid framework for the long-term ownership of
EQT AB and enabling a diversified and broadened ownership base
- Nearly doubling, on average, the Partner lock-up period compared to the IPO lock-up structure and establishing a more balanced lock-up release structure over a longer period
-
Ensuring stronger alignment between EQT's fund investors and shareholders by requiring Partners of
EQT AB to commit to reinvest 50 percent of the net proceeds from any share sale pursuant to theSeptember 2021 lock-up release into EQT funds over the next fund cycle
-
Ensuring an orderly market in
EQT AB shares and stock liquidity which is achieved through structured partial lock-up releases for Partners starting today, where the first lock-up release amounts to less than half of the release previously scheduled forSeptember 2022
"Our industry is going through fast change and EQT is determined to stay at the forefront of this transformation, with our differentiated approach and growth-focused strategy for EQT as a firm. We are now taking proactive and responsible steps in revising the lock-up structure for
The lock-up revision in detail
- Shares representing 6 percent of
EQT AB's current share capital, or less than half of the release previously scheduled forSeptember 2022 as part of the lock-up structure set at the time of the IPO, are now released. The remaining part of the original 2022 lock-up will be subject to an extended lock-up period
-
No material share sales by Partners employed by the
EQT AB Group are expected in the two-year period fromSeptember 2021 until 2023. Shares representing a further 8 percent ofEQT AB's current share capital are released inSeptember 2023
-
The 2021 lock-up release enables a diversification of
EQT AB's ownership base and allows for a partial reweighting of Partner exposure fromEQT AB shares to EQT funds. In the IPO, shares representing about 11 percent of the total Partner ownership were bought by new shareholders. In total, post theSeptember 2021 offering Partners will, on average, still retain 78 percent of their pre-IPO ownership
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The remaining Partner shares, representing about 43 percent of
EQT AB's current share capital, will thereafter be released each year fromSeptember 2024 to 2026, and for the most senior Partners to 2028
-
Establishment of a framework for long-term ownership to ensure an orderly market in
EQT AB shares whereby Partners have agreed to coordinate any material share sales untilSeptember 2026 , and thereafter informEQT AB about any share sales until 2030
About the Partner Share Sale
Following
The envisaged share sale represents up to 63 million shares, corresponding to approximately 11 percent of the Partners' combined holding in
This is information that
Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334
About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. Uniquely, EQT is the only large private markets firm in the world with investment strategies covering all phases of a business' development, from start-up to maturity. EQT today has approximately
With its roots in the Wallenberg family's entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.
More info: www.eqtgroup.com
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Important information
THIS ANNOUNCEMENT IS NOT AN OFFER TO SELL, OR SOLICITATION OF AN OFFER TO BUY, ANY SECURITIES IN
THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES OR INVESTMENTS FOR SALE OR A SOLICITATION OF AN OFFER TO BUY SECURITIES OR INVESTMENTS IN ANY JURISDICTION WHERE SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL. NO ACTION HAS BEEN TAKEN THAT WOULD PERMIT AN OFFERING OF THE SECURITIES OR POSSESSION OR DISTRIBUTION OF THIS ANNOUNCEMENT IN ANY JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED. PERSONS INTO WHOSE POSSESSION THIS ANNOUNCEMENT COMES ARE REQUIRED TO INFORM THEMSELVES ABOUT AND TO OBSERVE ANY SUCH RESTRICTIONS. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
IN MEMBER STATES OF THE EUROPEAN ECONOMIC AREA ("EEA") (EACH, A "RELEVANT MEMBER STATE"), THIS ANNOUNCEMENT AND ANY OFFER IF MADE SUBSEQUENTLY IS DIRECTED EXCLUSIVELY AT PERSONS WHO ARE "QUALIFIED INVESTORS" WITHIN THE MEANING OF THE PROSPECTUS REGULATION ("QUALIFIED INVESTORS"). FOR THESE PURPOSES, THE EXPRESSION "PROSPECTUS REGULATION" MEANS THE PROSPECTUS REGULATION (EU) 2017/1129 AND INCLUDES ANY RELEVANT IMPLEMENTING MEASURE IN THE RELEVANT MEMBER STATE.
IN THE
IN CONNECTION WITH THE SHARE SALE, THE JOINT BOOKRUNNERS AND ANY OF THEIR AFFILIATES ACTING AS AN INVESTOR FOR ITS OWN ACCOUNT MAY TAKE UP AS A PRINCIPAL POSITION ANY SHARES AND IN THAT CAPACITY MAY RETAIN, PURCHASE OR SELL FOR ITS OWN ACCOUNT SUCH SHARES. IN ADDITION, THE JOINT BOOKRUNNERS OR THEIR AFFILIATES MAY ENTER INTO FINANCING ARRANGEMENTS AND SWAPS WITH INVESTORS IN CONNECTION WITH WHICH THE JOINT BOOKRUNNERS (OR THEIR AFFILIATES) MAY FROM TIME TO TIME ACQUIRE, HOLD OR DISPOSE OF SHARES. THE JOINT BOOKRUNNERS DO NOT INTEND TO DISCLOSE THE EXTENT OF ANY SUCH INVESTMENT OR TRANSACTIONS OTHERWISE THAN IN ACCORDANCE WITH ANY LEGAL OR REGULATORY OBLIGATION TO DO SO.
THE JOINT BOOKRUNNERS ARE ACTING ON BEHALF OF THE SELLERS AND NO ONE ELSE IN CONNECTION WITH THE SHARE SALE AND WILL NOT BE RESPONSIBLE TO ANY OTHER PERSON FOR PROVIDING THE PROTECTIONS AFFORDED TO CLIENTS OF THE JOINT BOOKRUNNERS OR FOR PROVIDING ADVICE IN RELATION TO THE SHARE SALE.
https://news.cision.com/eqt/r/eqt-ab-announces-share-lock-up-revision-to-strengthen-long-term-alignment---share-sale-launched-by-p,c3411465
https://mb.cision.com/Main/87/3411465/1465452.pdf
https://news.cision.com/eqt/i/eqt,c2951815
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