29th Apr 2016 08:27
LONDON (Alliance News) - Candover Investments PLC, the London-listed private equity investment trust, on Friday announced the partial exit from its investment in Technogym SpA, as part of the running-machine maker's initial public offering.
Candover said it will sell 62.5% of its interest in Technogym for net cash proceeds of GBP11.7 million.
Candover's remaining interest in Technogym is valued at GBP7.6 million at the IPO price of EUR3.25 per share and is subject to a 180-day lock up from the date that shares start trading. Technogym said it will be valued at EUR650 million at the IPO price, with the offer four times oversubscribed.
Dealings in the shares of Technogym on the Milan stock market are expected to begin on May 3.
Candover's entire interest in Technogym was valued at GBP22.5 million in its audited accounts for 2015.
Candover's retained interest in Technogym amounts to a 1.5% stake in the company. In aggregate, Arle, which manages Candover's investments, will continue to manage 15% of Technogym, reducing to 11.25% if a greenshoe option is fully exercised.
Shares in Candover were up 4.9% at 155.28 pence on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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