28th Jul 2015 07:55
LONDON (Alliance News) - Acromas Bid Co Ltd on Tuesday said it has sold a further 6% stake in FTSE 250-listed over-50s products provider Saga PLC, raising a total of GBP141 million.
Acromas, owned by funds managed or advised by Charterhouse Capital Partners, CVC Capital Partners and Permira, said it sold 68.8 million shares in Saga for 205 pence per share.
Saga shares were down 2.8% to 207.00 pence in early trade on Tuesday, one of the worst performers in the FTSE 250.
Acromas had said late Monday that would sell a minimum of 19.5 million shares, or a 1.7% stake.
Acromas said that following the sale, it will hold around 45% of Saga's issued share capital. Previously, it held 50.67%, according to Morningstar.
The sale was run by Bank of America Merrill Lynch.
By Sam Unsted; [email protected]; @SamUAtAlliance
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