20th Sep 2019 09:32
(Alliance News) - KKR Victoria Aggregator LP and other selling shareholders on Friday said they have sold a total of 65.5 million Trainline shares.
The shares were sold via an accelerated bookbuild to institutional investors at a price of 435 pence per share, raising gross proceeds of GBP285 million. No proceeds from this placing of existing shares will be received by Trainline.
Trainline shares were trading 5.6% lower on Friday in London at 441.00p each, giving it a market capitalisation of GBP2.12 billion.
JP Morgan Securities PLC, Morgan Stanley & Co International PLC and KKR Capital Market Ltd acted as joint bookrunners.
Following the completion of the placing, KKR will hold 59.6 million Trainline shares, representing s 12% interest. The other selling shareholders - including funds managed by Index Ventures, Ares, Alven Capital - together will hold 5.8 million Trainline shares, about 1.2% stake.
The placing represented the sale by each seller of 50% of its shares in Trainline.
At the beginning of September FTSE Russell confirmed that Trainline will become a constituent of the FTSE 250 index. The move will be effective from the market open on Monday next week.
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Trainline