On 2 March 2007, EQT V (“EQT”) signed an agreement to purchase Scandic Hotels AB (“Scandic”) from Hilton Hotels Corporation, (NYSE:HLT). Scandic is the largest hotel chain in the Nordic region with 132 hotels and in excess of 23,000 rooms in 9 countries in northern Europe. The company posted sales in excess of SEK 6 billion in 2006 and has approximately 5,700 employees.
In connection with the completion of the transaction, EQT invited the Accent Equity 2003 investment fund to acquire 17 per cent of Scandic Hotels. In its capacity as majority owner, EQT will thereby own 83 per cent of Scandic Hotels.
At an extraordinary general meeting held on 26 April 2007, the owners have elected the new Board of Directors of Scandic Hotels. Vagn Sörensen has been elected as Chairman of the Board and Per Braathen, Barry Sadr-Hashemi, Caspar Callerström, Erik Sterner, Roland Nilsson and Jan Samuelson have been elected as ordinary members of the Board.