Investor: a SEK 3.5bn purchase that undoes the Coller dilution at EQT, from 14.02% to 14.98% of the capital

On 16 October 2026, Investor announced that it had bought 12.5 million EQT shares from Wallenberg Investments, at SEK 282.7 each, for about SEK 3.5bn. Its share of EQT's capital rises from 14.02% at 30 September to 14.98%, slightly above the 14.94% it held before EQT issued 80,360,882 shares to pay for Coller Capital on 31 August. For Investor shareholders, the EQT AB holding, 4% of assets at 30 September, regains its pre-Coller share of the management company.

Why it matters for Investor shareholders: at 30 September 2026, EQT AB was worth SEK 52,860m in Investor's adjusted net asset value, 4% of assets (interim management statement of 16 October, p. 4). The purchase represents 0.28% of adjusted net asset value of SEK 1,258.0bn at that date, and about 12% of gross cash of SEK 29,460m, as a sense of scale (Opulion calculation, p. 2). Opulion hypothesis: if it were paid from cash, all else being equal, Investor's net debt relative to its assets would rise from 1.8% to about 2.1% (Opulion calculation: net debt of SEK 23,661m plus SEK 3.5bn, divided by total adjusted assets of SEK 1,281,677m, p. 4), within the 0 to 10% range the company has set over a business cycle (pp. 2 and 5). For SEK 3.5bn, Investor regains at EQT, to within 0.04 points, the stake that the issue for Coller had taken away.

The share issue explains the whole movement. On 31 August, EQT completed its combination with Coller Capital, one of the largest dedicated secondaries platforms globally, in both private equity and credit, and handed 80,360,882 new shares to Coller's selling shareholders as part of the consideration. EQT's share count rose from 1,226,602,864 to 1,306,963,746 (Opulion calculation for the former, by difference). Investor held 183,288,016 shares at 30 June as at 30 September (Investor reports, p. 4), and its stake fell from 14.94% to 14.02% (Opulion calculation, consistent with the rounded figures published by Investor). Returning exactly to 14.94% would have taken about 12.0 million shares (Opulion calculation: 14.94% of 1,306,963,746 shares, less 183,288,016). Investor bought 12.5 million and reached 14.98%. The purchase extends those of the first half: Investor bought EQT AB shares for SEK 1,727m in the first six months of 2026, and for SEK 0m in the third quarter (interim management statement, p. 19).

Investor's press release is limited to the price, the stake held after the purchase and how the transaction was checked. It describes Wallenberg Investments as related to Investor: the market value of the transaction was confirmed by an independent third party, and directors who could have a conflict of interest stayed out of the decision. The price of SEK 282.7 is 2.0% below the per-share value Investor used for EQT at 30 September, SEK 288.40 (Opulion calculation: SEK 52,860m divided by 183,288,016 shares), as a reference point, in the absence of a transaction date and market price in the press release. Our analysis of 8 September separated EQT's two channels at Investor, the listed management company and the funds: the purchase announced on 16 October concerns the first.

For Investor shareholders, two reports will settle the matter. On 22 January 2027, Investor's year-end report for 2026 will show the EQT AB holding after the purchase and net debt after payment. On 26 January 2027, EQT's year-end report will give the fees and earnings for the year, which underpin the value of the management company. The cash income from this SEK 3.5bn will then show in EQT AB's dividend, which brought Investor SEK 455m in the first nine months of 2026 (p. 19).