18th Jun 2024 18:38
(Alliance News) - Merrill Lynch on Tuesday said two investors in Helios Towers PLC intend to sell an around 3% stake in the company.
The share sale by Newlight Partners LP and RIT Capital Partners PLC will be priced at 115 pence per share, Merrill Lynch said.
Shares in Helios Towers, the London-headquartered telecom tower company, closed down 0.2% at 123.20p in London on Tuesday.
The shares will be placed via an accelerated bookbuild offering to institutional investors.
Newlight and RIT have not sold any shares in Helios Towers since the company's initial public offer in 2019.
The intention is to provide additional liquidity in the company's shares while remaining sizeable shareholders.
Both sellers have agreed to a 90-day lock-up period from the date of pricing of the sale in relation to their remaining stake in Helios Towers.
Bank of America Securities and Jefferies International Ltd are acting as joint global coordinators and joint bookrunners on the offering.
By Jeremy Cutler, Alliance News reporter
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