STOCKHOLM, April 29 Swedish buyout house EQT
[EQT.UL is planning a stock market listing for hotel operator
Scandic, which could be worth more than 1 billion euros ($1.38
billion) including debt, two people familiar with the matter
EQT has invited banks to compete for roles in the initial
public offering (IPO), they said.
The people, who declined to be identified because the plans
are not public, said a listing of Scandic Hotels, the largest
hotel chain in the Nordic region, could take place this year.
Scandic declined to comment. EQT, which owns 78 percent of
Scandic, could not be immediately reached for comment.
Scandic would add to a bulging pipeline of Nordic IPOs and
several successful listings of private equity-owned firms in
recent months spurred by rising stock markets.
EQT listed toilet and bath maker Sanitec in
Stockholm in December, and Danish outsourcing firm ISS
in March. Both have strongly outperformed the wider market.
Scandic had revenue of 913 million euros in 2013 and
earnings before interest, tax, amortisation and depreciation
(EBITDA) of 80 million.
Those figures don't include Scandic's acquisition of
Norway's Rica Hotels from the Rivelsrud family this year with 72
hotels, taking Scandic's total number of hotels to 223. Scandic
has not published separate figures for Rica.
EQT bought Scandic, which employs around 13,000, from Hilton
Hotels in 2007, just months before Hilton itself was taken
private by buyout house Blackstone.
($1 = 0.7237 Euros)
(Reporting by Sven Nordenstam; Editing by Erica Billingham)