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News Jun 24, 2015

Shearman & Sterling Advises Underwriters on Initial Public Offering of Pandox AB (publ)

Shearman & Sterling advised ABG Sundal Collier Norge ASA, as global coordinator and joint bookrunner, Handelsbanken Capital Markets, a part of Svenska Handelsbanken AB (publ) and Morgan Stanley & Co. International plc, as joint coordinators and joint bookrunners, and Carnegie Investment Bank AB (publ), DNB Markets, part of DNB Bank ASA, Sweden branch and SEB Corporate Finance, Skandinaviska Enskilda Banken AB (publ), as co-lead managers, in connection with the initial public offering and Nasdaq OMX Stockholm listing of Pandox AB (publ) (“Pandox”).

The offering, in which the selling shareholder (SU-ES) sold 34.78% of Pandox’s share capital, raised SEK 5.5 billion.

Pandox is a leading owner of hotel properties in Northern Europe with a focus on sizeable hotels in key leisure and corporate destinations. Pandox’s hotel property portfolio comprises 104 hotels with a total of 21,969 rooms across eight countries. As of 31 March 2015, Pandox’s property management segment comprised 89 investment properties with a total of 17,195 rooms in six countries that are leased to market-leading regional and international hotel operators.

The Shearman & Sterling team was led by partner David Dixter and included associates Lulu Zhou and Saif Alaqili (all London-Capital Markets), as well as partner James Duncan and associate Leona McManus (both London-Finance). Counsel Simon Letherman and trainee solicitor Lois Howarth advised on the UK tax aspects of the transaction.