HBX Group has successfully gone public on the Spanish stock exchanges, marking the largest IPO in Europe this year and the first listing of a British company in Spain since Brexit. The transaction, valued at approximately €3 billion, underscores the company’s position as a key player in the travel technology sector.

The transaction has included the completion of an initial put and subscription offer for shares by HBX Group’s major shareholders (CPPIB and vehicles controlled by funds managed or advised by Cinven and EQT Group) and the company itself for a total amount of €748 million, with an over-allotment option for shares by the major shareholders for up to an additional €112 million up to a maximum of €860 million. The offer price amounts to EUR 11.50 per share, representing an initial market capitalization of HBX Group of approximately EUR 2.84 billion.

This is the first IPO in Spain by a British issuer since 2016 and the first after Brexit. Moreover, so far this year, it is the first Spanish IPO and the largest public offering in Europe.

Advisors

Freshfields has advised HBX Group with a team led by partner Armando Albarrán together with partners Alastair Brown and Alfonso de Marcos, counsel Joe Amann, senior associate Angus Scott and associate Javier González. They were supported by partners Doug Smith, Tom Godwin, May Smith, Toby Bingley and Alice Greenwell.

Pérez-Llorca has advised HBX Group with a team formed by partners Francisco Iso, Teresa Méndez and Javier Bau. Also, with the support of Ana Ibarra, Rita Royo, Pablo Matesanz, Beatriz Olivares, Tomás Pelayo e Ignacio Sánchez Muñoz.

Uría Menéndez has advised Morgan Stanley – Europe, Bank of America -Securities Europe and Citigroup Global Capital Markets as global coordinators and the rest of the banking syndicate with a team led by Javi Redonet (partner, capital markets), with the participation of David López Pombo (partner, tax), Violeta Pina Montaner (partner, tax), Alfonso Bernar (senior associate, capital markets), Jorge Azcárraga Llobet (senior associate, tax), Lucía Berrícano Bayón (junior associate, capital markets) and Fedir Ragulin (graduate, capital markets).

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