9th Jun 2016 15:57
LONDON (Alliance News) - Auto Trader Group PLC, the online car marketplace that listed on the London Stock Exchange in March 2015, is set to say goodbye to private equity firm Apax Partners LLP, which wants to sell its remaining shares in the company.
According to a stock exchange filing on Thursday, Apax wants to sell up to 18.4 million shares in Auto Trader, equivalent to a 1.8% stake in the company.
The final number of shares to be placed will be agreed by bookrunners Deutsche Bank AG and Bank of America Merrill Lynch. Auto Trader will not receive any proceeds from the share sale.
Crystal A Holdco Sarl and Crystal B Holdco Sarl, which are indirectly owned by Apax Europe VII, are the specific entities selling the shares.
Apax previously shrunk its Auto Trader stake in February, when the private equity firm sold 233.6 million shares at 365 pence each, raising GBP852.8 million.
Shares in Auto Trader closed up 5.4% at 424.10p on Thursday, and well ahead of the March 2015 IPO price of 235p. Earlier on Thursday, Auto Trader said its operating profit, before the one-offs and finance costs, grew to GBP169.6 million from GBP133.1 million, up 27%, in the financial year ended March 27.
The company said it will start a rolling programme of share buybacks with immediate effect, with the majority of the surplus cash left over after dividends have been paid to be returned to shareholders.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Auto Trader