Private equity firm Advent to offload remaining Equiniti stake

Comments 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.

Source Article from http://www.standard.co.uk/business/private-equity-firm-advent-to-offload-remaining-equiniti-stake-a3418576.html

December 13, 2016 |
Copyright © 2018 LondonBusinessLink.co.uk. All Rights Reserved. LondonBusinessLink.co.uk
WordPress Directory Theme

Classified Ads Software

We use cookies to ensure that we give you the best experience on our website.
More about our cookies
Ok
Skip to toolbar