Structure and financing

The acquisition is undertaken by a consortium of Pandox AB (Pandox) and Eiendomsspar AS (Eiendomsspar), with Pandox’s subsidiary Pandox Ireland Tuck Limited (Bidco) as the acquiring company. Pandox’s and Eiendomsspar’s ownership interests in the company amounts to 91.2 and 8.8 percent respectively.

The acquisition includes Dalata Hotel Group plc’s all businesses, where Pandox, after a separation of Dalata’s business into one property-owning part and one hotel-operating part, will retain Investment Properties in Ireland and the UK (see summary in the portfolio overview below) with the intention that Scandic acquires the operational platform with 56 hotel operator businesses, mainly under the Clayton and Maldron brands.

During the separation phase, Scandic will be responsible for the operations of all 56 Dalata hotels through a management agreement, of which 31 Investment Properties will be under agreements which correspond to revenue-based lease agreements, including guaranteed minimum rents and property responsibilities. These are intended to be replaced by revenue-base lease agreements at the latest when the separation is completed, which is expected to take place during the second half of 2026.

Total transaction value amounts to approximately MEUR 1,700, equivalent to approximately MSEK 18,800, of which the purchase price amounts to approximately MEUR 1,400 and net debt Dalata to approximately MEUR 300. Total transaction value after the expected divestment to Scandic amounts to MEUR 1,200, equivalent to approximately MSEK 13,300.

The total non-recurring acquisition and separation related costs is estimated to approximately MEUR 70, equivalent to approximately MSEK 770, of which MSEK 145 was reported in shareholders’ equity in the third quarter 2025. A considerable part of the remaining costs is expected to negatively affect the result in the fourth quarter of 2025 and be reported as an item affecting comparability.

The acquisition is fully financed through a combination of an acquisition facility from DNB Carnegie of MEUR 1,165, other existing credit facilities, and cash and cash equivalents. The acquisition facility has an initial credit margin of 225 basis points, which increases by 25 basis points every nine months until the credit matures on 15 July 2027. The acquisition facilty has three tranches, of which the first amounts to MEUR 500 and refers to the part of Dalata expected to be divested to Scandic, for which the cost will be borne by Scandic, and be settled at divestment.