24th Feb 2016 08:07
LONDON (Alliance News) - Entities owned by private equity fund Apax Europe VII LP have sold down their stake in digital automotive seller Auto Trader Group PLC, Bank of America Merill Lynch said Wednesday.
Crystal A Holdco Sàrl and Crystal B Holdco Sàrl have together sold a total of 233.6 million shares in the company at a price of 365 pence per share, raising a total of GBP852.8 million. Shares in Auto Trader last closed at 387.10 pence.
Following this sale, Crystal A Holdco Sàrl will hold around 7.0 million share sin the company, or a 0.7% stake in Auto Trader, whilst Crystal B Holdco Sàrl will hold 11.4 million shares or a 1.1% stake in the company.
Deutsche Bank AG, and Merrill Lynch International acted as joint bookrunners on the transaction.
Auto Trader will not receive any proceeds from this share placing.
Shares in the company were down 5.9% to 362.2p early Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
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