New York City-based private equity company General Atlantic has sold its remaining stake in Sweden-based real estate platform Hemnet. The transaction was confirmed by Hemnet in a statement it issued on 31 Jan.
Newspaper Dagens Industri reported that General Atlantic initially sold a 7.9% stake in Hemnet (almost half of its remaining holding of 16.6%) on 30 Jan by means of “an accelerated book-building procedure” led by Carnegie Investment Bank and Morgan Stanley.
16.8 million shares was sold at a price per share of SEK137 ($13.09 U.S.) — a total SEK2.301 billion ($221 million U.S.). General Atlantic sold the remainder of its stake in Hemnet that evening.
General Atlantic acquired a majority stake in Hemnet in 2016 (alongside investors Pierre Siri and Henrik Persson) and floated it on the Nasdaq Stockholm exchange in 2021 at SEK115/share.
Hemnet published its financial results for Q4 2022 and 2022 as a whole last week. At that time, the announcement that Chris Caulkin, managing director of General Atlantic, would not stand for re-election as Hemnet’s chairman at the latter’s AGM (scheduled for 27 April) was interpreted by some as a signal that General Atlantic was preparing to exit the Sweden-based company.