3rd May 2016 10:03
LONDON (Alliance News) - Caledonia Investments PLC said Tuesday that it has sold its 20% stake in audio equipment manufacturer and distributor B&W Group Ltd, or Bowers & Wilkins, for the "sterling equivalent" of GBP24 million in cash, as well as a payment of an accrued dividend of GBP500,000.
This was part of the wider sale of Bowers & Wilkins to EVA Automation Inc, Caledonia said.
Caledonia originally invested in Bowers & Wilkins in December 2011, and it said that the investment has returned to it a money multiple of 1.2x and an internal rate of return of 3.6%.
Shares in Caledonia Investments were down 0.8% at 2,466.00 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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