Private equity firm Advent to offload remaining Equiniti stake

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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.

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December 13, 2016 |
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