Brookfield Super-Core Infrastructure Partners L.P., a fund managed by Brookfield Asset Management Inc. (TSX:BAM.A) agreed to acquire 49% stake in EduCo AB from Samhällsbyggnadsbolaget i Norden AB (publ) for SEK 10.4 billion on November 30, 2022. Brookfield will pay SBB approx. SEK 9.2 billion upfront in cash. The Transaction also includes two separate Earn-Outs, expiring after six (6) years from the date of the first closing of the Transaction, based on (i) achieved refinancing terms, and (ii) achieved net operating income yield on new developments and acquisitions, respectively. Total maximum cash amount payable to SBB from Brookfield for Earn-Outs will not exceed SEK 1.2 billion. Proceeds from the Transaction will mainly be used to deleverage SBB, in line with its communicated strategy, bringing SBB?s loan-to-value ratio to approx. 42.4% from approx. 46.9% as of the third quarter of 2022. The parties? intention is to complete the first closing on December 30, 2022 or latest in the beginning of 2023. As of January 18, 2023, SBB has completed the first part of the sale of 49% of its educational property portfolio to Brookfield, SBB has then received SEK 6.6 billion. The second closing is expected to be completed in the first or second quarter or 2023. As of March 31, 2023, second part of the deal was completed ,SBB received additional SEK 2.1 billion in cash payment. The proceeds from the sale will be used to repay existing debt. The remaining payment from Brookfield will take place after SBB?s internal restructuring of properties with a value of 1.7 billion has been completed. SBB expects the internal restructuring to be completed before the summer. As of July 27, 2023, the last part of the deal was completed and SBB received an additional SEK 400 million. J.P. Morgan Securities PLC acted as financial advisor to SBB. Advokatfirman Vinge acted as legal advisor to SBB and Linklaters acted as legal advisor to Brookfield. Antti Rikala of
Waselius & Wist advised Samhällsbyggnadsbolaget i Norden AB (PUBL) (SBB).