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UM advises on the IPO and listing of HBX Group shares

February 13, 2025

UM has advised Morgan Stanley – Europe, Bank of America – Securities Europe and Citigroup Global Capital Markets Inc. as global coordinators and the rest of the banking syndicate on the IPO and listing of the shares of HBX Group. HBX Group is the leading B2B ecosystem in the TravelTech sector, offering a network of interconnected hashtag#B2B travel products and services through its various platforms.

The transaction included an initial sale and subscription offer of shares by the main shareholders of HBX Group (CPPIB and vehicles controlled by funds managed or advised by Cinven and EQT Group) and the company itself for a total of EUR 748 million, with an over-allotment option for the main shareholders of up to an additional EUR 112 million, totalling EUR 860 million. The offer price is EUR 11.50 per share, giving HBX Group an initial market capitalisation of approximately EUR 2.84 billion.

This is the first time since 2016 that a British issuer has gone public in Spain, and the first time since Brexit. It is also the first Spanish IPO to date, and the largest public offering in Europe.

Javier Redonet (partner, Securities Market) led the UM team, which included David López Pombo (partner, Tax), Violeta Pina Montaner (partner, Tax), Alfonso Bernar (managing associate, Securities Market), Jorge Azcárraga Llobet (senior associate, Tax), Lucía Berrícano Bayón (associate, Securities Market) and Fedir Ragulin (trainee lawyer, Securities Market).