Latham Advises EQT on Financing for US$5.5 Billion Take-Private of Fortnox

Latham & Watkins has advised EQT on the financing aspects of its take-private of Fortnox AB, valued at approximately US$5.5 billion. The transaction, which initially closed on June 18, 2025, marks a significant milestone in the Swedish technology sector. On July 4, 2025, EQT, acting through Omega II AB, announced that it had acquired more than 90% of the outstanding shares in Fortnox 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 Latham team was led by London Banking & Private Credit partner Dominic Newcomb, with associates Stefan Vujacic and Kirsty Lee. Advice on capital markets matters was provided by London partners Jennifer Engelhardt and Shawn Anderson, with associate Laura Lily Harper; on hedging matters by counsel Delyth Hughes, with associate Airlia Hie; and on tax matters by London partner Karl Mah, with associate Ines Kilkelly.