Davis Polk advised Pandox Aktiebolag (publ) on its initial public offering and listing of B Shares on NASDAQ Stockholm. Assuming full exercise of the overallotment option, 60,000,000 B shares were sold by Pandox’s primary shareholders, through SU-ES AB, at an offer price of SEK106 per share, raising gross proceeds of SEK6.36 billion (approximately US$780 million). At the offer price, the market value of all shares of Pandox is SEK15.9 billion (US$1.93 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: Sweden, Norway, Finland, Denmark, Belgium, Germany, Switzerland and Canada. Pandox’s business concept—based on its expertise within hotel properties, hotel operations and business development—is to actively own and lease hotel properties. 

The Davis Polk corporate team advising as to U.S. law included partner Paul E. Kumleben and associates Matt Hart and Johanna R. Collins-Wood, and the team advising as to English law included associate Dan Hirschovits. Partner John D. Paton and associates Omer Harel and Dominic Foulkes provided tax advice. All members of the Davis Polk team are based in the London office. 

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