14th Jan 2015 17:14
LONDON (Alliance News) - European private equity firm Cinven late Wednesday announced plans to sell about a 10% share in FTSE 250-listed Spire Healthcare Group PLC through a share placing.
Cinven's offering is expected to comprise of 40.1 million shares in Spire, or 10% of Spire's issued share capital. The offer price will be determined by means of an accelerated bookbuild, with the offering process to start immediately, it said.
The pricing will be confirmed following completion of the bookbuild. Shares in Spire closed down 3.9% at 339.80 pence Wednesday.
If all of the shares available in the offering are sold, Cinven would retain a 48.3% stake in Spire, with 193.3 million shares.
Cinven has entered into a placing agreement with Bank of America Merill Lynch, JP Morgan Cazenove, and Morgan Stanley to act as joint bookrunners and placing agents in relation to the offering.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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