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White & Case Advises EQT on Acquisition of Shares in Beijer Ref

Global law firm White & Case LLP has advised EQT on the acquisition of shares in Beijer Ref AB, representing 29.6 percent of the shares and 26.4 percent of the votes, from Carrier Global Corporation (Carrier), making EQT the largest shareholder of Beijer Ref. 

"Advising EQT on this investment shows the strength of our leading private equity, capital markets, financing and antitrust practices and cross border capabilities, with our private equity team in Stockholm leading on such a significant deal for an important global client like EQT," said White & Case partner Jan Jensen, who co-led the Firm's deal team. 

EQT is a purpose-driven global investment organization with more than €75 billion in raised capital and over €46 billion in assets under management across 16 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than €27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

Founded in 1866, Beijer Ref is a world-leading wholesaler of cooling technology and air conditioning and one of the largest refrigeration wholesalers in the world. Headquartered in Malmö, Sweden, it has operations in 36 countries across Europe, Africa and Asia-Pacific. Beijer Ref, approximately 3,700 employees and is listed in the Large Cap segment on Nasdaq Stockholm. Based on the 12 months to 30 September 2020, Beijer Ref reported net sales of approximately SEK 14.1 billion and EBITDA of approximately SEK 1.5 billion.

The White & Case team which advised on the transaction was led by partners Jan Jensen and Patrik Erblad (both Stockholm) and included partners Tilman Kuhn (Düsseldorf and Brussels), Sherri Snelson (New York) and Johan Thiman and Oscar Liljeson (both Stockholm), supported by counsel Peter Svanqvist (Stockholm) and associates Emma Josberg and Daniel Högström (both Stockholm) and Thilo Wienke (Düsseldorf). 

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