3rd May 2018 08:43
LONDON (Alliance News) - Nordic Capital on Thursday said it has sold its entire stake in ConvaTec Group PLC via an accelerate bookbuild.
Nordic Capital sold its 143.2 million shares in the FTSE 250-listed company, representing a 7.3% stake, via an accelerated bookbuild to institutional investors at a price of 220 pence per share, raising gross proceeds of GBP315 million.
Shares in ConvaTec were down 1.4% at 223.00 pence early Thursday.
UBS acted as sole bookrunner for the placing, and ConvaTec will not receive any proceeds from the sale.
The sale announcement comes a day after the medical technology firm said revenue rose 3.7% on an organic basis in the first quarter of 2018, representing a 7.5% rise at constant currencies and up 14% at reported rates. The stock closed up 3.8% on Wednesday.
Related Shares:
ConvaTec