28th Apr 2016 08:04
LONDON (Alliance News) - Candover Investments PLC on Thursday said it is selling part of its stake in leisure parks operator Parques Reunidos.
The move, coinciding with Parques Reunidos' initial public offering, will see Candover sell 7.7% of its interest for net cash proceeds of EUR3.4 million.
Candover said its remaining stake in Parques is valued at EUR42.1 million at the IPO price. A lock-up prevents further share sales for 180 days.
Dealings in the shares of Parques will commence on Friday. Candover's entire interest in Parques was valued at GBP43.4 million in its audited accounts for 2015.
Candover's retained interest in Parques of 3.4% will continue to be managed by Arle Capital Partners Ltd, along with the remaining interests of the Candover 2005 Fund. In aggregate, Arle will continue to manage 33.9% of Parques.
According to Reuters Thursday, Parques priced its IPO at EUR15.5 per share, at the bottom of its targeted range and valuing the company at EUR1.25 billion.
Shares in Candover were down 7.4% at 150.00 pence Thursday.
http://www.reuters.com/article/parquesreunidos-ipo-idUSE8N16802R
By Samuel Agini; [email protected]; @samuelagini
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