Freshfields advises HBX Group on its IPO valuing the company at c.€3 billion

Global law firm Freshfields has advised HBX Group (as issuer) on the IPO of HBX Group and its listing on the Spanish stock exchanges. The IPO is the biggest stock market debut in Europe this year and the first listing of a UK company in Spain after Brexit. We originally advised on the acquisition of Hotelbeds (which since then has been rebranded as HBX Group) by funds managed and/or advised by Cinven and Canada Pension Plan Investment Board (together ‘the Sponsors’) in September 2016 and have advised the Sponsors and HBX Group since then.

The transaction included advising HBX Group on a complex pre-listing reorganisation of its corporate structure, the refinancing of its existing indebtedness and an innovative structure to allow shares of a UK company to be settled through the Spanish clearing system.

HBX Group, which operates in more than 170 countries, is a leading independent B2B travel technology marketplace connecting travel suppliers and B2C travel distributors in a highly fragmented market comprising accommodation and highly complementary travel products.

The Freshfields team was led by partner Armando Albarran together with partners Alastair Brown and Alfonso de Marcos, counsel Joe Amann, senior associate Angus Scott and associate Javier Gonzalez. They were supported by partners Doug Smith, Tom Godwin, May Smith, Toby Bingley and Alice Greenwell.