Counsel to Underwriters in $790 million IPO of Entra

Cleary Gottlieb acted as US counsel to ABG Sundal Collier, Goldman Sachs and Swedbank as joint global coordinators and joint bookrunners, and Danske Bank, Handelsbanken Capital Markets and Kempen & Co as co-lead managers in the offering of shares of Entra. The offering consisted of a public offering in Norway and an institutional offering outside Norway of 80,468,227 shares (and up to 92,538,461 shares if the over-allotment option is exercised), or 43.8% of Entra’s shares. Entra issued 41,538,461 new shares in the offering and the Norwegian government, represented by the Ministry of Trade, Industry and Fisheries, sold 38,929,766 shares in the offering (and up to 51,000,000 shares if the over-allotment option is exercised). The offering price was NOK 65 per share. The price implies a market capitalization of Entra of approximately $1.8 billion. The offering closed on October 21.

Entra is a leading owner, manager and developer of office properties in Norway, focused on centrally-located, high quality properties in Oslo, Bergen, Stavanger and Trondheim. As of June 30, 2014, Entra had a property portfolio of 107 properties totaling approximately 1.3 million square meters. The offering is the first privatization in Norway since the privatization of Statoil in 2001.