On May 22, Octave Intelligence plc completed its spin-off from Hexagon AB as a separate publicly traded company, marking the first cross-border Sweden-into-U.S. transaction of its kind. The spin-off was effected through a pro rata distribution by Hexagon of all of Octave’s issued share capital to Hexagon shareholders.
On May 25, Swedish Depositary Receipts (SDRs) each representing one Octave Class B Share commenced trading on Nasdaq Stockholm, and on May 28, Octave’s Class B Shares commenced trading on the Nasdaq Global Select Market in New York.
Octave is an Ireland-incorporated enterprise software company that provides software solutions that help organizations design, build, operate and protect physical assets, people and critical infrastructure.
The S&C team advising Hexagon and Octave on the spin-off included Evan Simpson, Alan Fishman, Connor Schillerstrom, Jean Polanun, Selina Keller, Kaley Mi and Jiachen Feng. Neal McKnight, Nolan Abboud and Amra Saric advised on financing matters. Heather Coleman, Kristen Klein and Charlotte Lindsay advised on employment and compensation matters. Davis Wang, Eric Wang, Alexei Owen, Joel Forsstrom and Zach Hayworth advised on U.S. tax matters. Andrew Thomson and Isadora Janssen advised on UK tax matters. Mehdi Ansari, Jay Thornton and Sabrina Macklai advised on intellectual property matters. Ryan Logan advised on privacy matters. Matt Brennan advised on environmental matters.