NKF with EQT on HBX’s IPO
Niederer Kraft Frey (NKF) advised EQT on the IPO of its portfolio company HBX Group. Moreover, the Swiss legal firm assisted EQT throughout the pre-IPO reorganisation of HBX’s corporate structure.
The context
Formerly known as Hotelbeds, HBX is an independent B2B travel technology marketplace, connecting travel product suppliers and travel distributors across more than 170 countries.
In 2017, EQT’s former portfolio company GTA was sold and merged with HBX Group, thus appointing EQT as a minority shareholder in HBX. Prior to the merger, GTA represented one of three core businesses of Kuoni Group, which EQT acquired in 2016. Later on, EQT divested from the other two core businesses, GTS and VFS Global.
Within this larger context, NKF 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.
As of HBX’s IPO, the operation represents the first listing of a UK company in Spain since Brexit. With EUR 11.50 per share, HBX reached an initial market capitalization of approx. EUR 3 billion. The trading officially kicked-off on 13 February 2025.
The team
Corporate/M&A and capital markets partner Andrea Giger (pictured) lead the NKF team, working alongside associate Manuel Hirlinger and junior associates Géraldine Küderli and Norina Frey (all corporate/capital markets).
A team of Clifford Chance advised EQT on English law and Spanish law matters.
