Private equity firm Advent to offload remaining Equiniti stakeComments Off on Private equity firm Advent to offload remaining Equiniti stake
Private equity firm Advent International is offloading its remaining stake in share registrar Equiniti for almost £50 million, the Evening Standard understands.
Sources said the American firm was in the process of selling 23.6 million shares – its remaining 8% stake – via an accelerated bookbuild in the City.
The share sale would be worth £46 million at today’s closing market price of 193p, although accelerated bookbuilds, where the investment bank in charge rounds up institutional investors, are often conducted at a discount to the market price.
The price is expected to be disclosed in a stock market announcement tomorrow morning.
Equiniti floated in October last year at the bottom end of its 165p-200p range, but struggled on its market debut.
Advent, wihch bought Equiniti in 2007, last sold shares in August when it dumped a 12% stake for £61 million.
Advent could not be reached for comment.