Niederer Kraft Frey AG | View firm profile
Niederer Kraft Frey advised EQT on a complex pre-IPO reorganisation of HBX group’s corporate structure and the IPO of its portfolio company HBX Group (formerly Hotelbeds). The listing on the Spanish stock exchanges and the first day of trading took place on 13 February 2025. The IPO price amounted to EUR 11.50 per share, representing an initial market capitalization of HBX Group of approx. EUR 3 billion. The IPO marks the largest stock market debut in Europe for 2025 and is the first listing of a UK company in Spain since Brexit.
HBX Group, which is present in more than 170 countries, is a leading independent B2B travel technology marketplace, connecting travel product suppliers (including hotels, travel experiences, transfers and car rentals) and travel distributors.
EQT’s relationship with HBX Group started in 2017 when its former portfolio company GTA was sold and merged with HBX Group leading to EQT acquiring a minority stake in HBX Group. Prior to the merger, GTA was one of the three core businesses of Kuoni Group, which EQT acquired and took private in 2016. EQT later divested the other two core businesses, GTS and VFS Global, in 2017 and 2022, respectively. We advised EQT on the take private of the Kuoni Group, the subsequent reorganisation of the Kuoni group and the merger of GTA with HBX Group and have advised EQT since then.
The NKF team was led by Corporate/M&A and Capital Markets partner Andrea Giger, working with associate Manuel Hirlinger and junior associates Géraldine Küderli and Norina Frey (all Corporate/Capital Markets). NKF worked together with a team of Clifford Chance LLP who advised on English law and Spanish law matters.