A&O Shearman represented lenders on EQT’s acquisition of Fortnox AB valued at USD5.5 billion

The transaction, which initially closed onJune 18, 2025, is valued at USD5.5bn. On July 4, 2025, EQT (acting through Omega II AB) announced that it had acquired more than 90% of the outstanding shares in Fortnox AB (publ) and would initiate the compulsory redemption of the remaining shares and promote the delisting of the shares.

Fortnox AB is renowned for providing innovative cloud-based business applications to companies, associations, and accounting and auditing firms across Sweden. EQT’s acquisition marks a significant milestone in the Swedish technology sector. The transaction involved innovative structuring and close collaboration among all parties as we navigated through a staged settlement.

Denise Gibson, UK managing partner and debt finance partner, said: “We’re proud to have worked alongside our fantastic lender clients on this landmark transaction. We were able to help our clients navigate through the nuances and complexities involved in financing a Swedish P2P and work through creative solutions to enable a phasing of the financing to meet the M&A needs. Creating client solutions to make ambitious outcomes a reality is what we love to do most! And on this occasion, we are just thrilled that we could help our clients with supporting EQT’s successful takeover offer.”

A&O Shearman advised across all aspects of the financing, drawing on the strength of a multidisciplinary team and worked alongside Re:Fi who assisted on Swedish law matters. The deal team was led by debt finance partners Denise Gibson and Brad Weyland and counsel Alex Charles, and the team comprised associates Gbemisola Coker, Saleni Pravin Kumar and Irene Mainar Borao. A separate A&O Shearman team, debt finance partner Filippo Crosara, senior associate Hershil Kotak and associate Camille Tournié, advised the revolving credit facility lenders.

A&O Shearman has a longstanding relationship with both EQT and the lenders involved, having advised on numerous transactions in the past. This latest deal further underscores A&O Shearman’s ability to deliver tailored financing solutions in complex, high-value public M&A, and reflects our deep experience in private credit and Nordic cross-border transactions.