10th Jun 2016 06:37
LONDON (Alliance News) - Private equity firm Apax Partners LLP has sold its remaining stake in Auto Trader Group PLC for a total of GBP76.4 million following a placing of shares that was originally announced on Thursday.
Apax, through two entities named Crystal A Holdco Sarl and Crystal B Holdco Sarl, has sold 18.4 million shares in Auto Trader Group, equal to a 1.8% stake in the online car marketplace, for 415.0 pence per share.
On Wednesday, the day before the sale was announced, Auto Trader shares closed at 402.5p, 3.1% lower than the sale price, but shares rose on Thursday following the announcement of the placing to close up to 424.1p, 2.1% lower than the sale price.
Apax will no longer hold any stake in Auto Trader following the sale, which was conducted by bookrunners Deutsche Bank AG and Bank of America Merrill Lynch.
Auto Trader will not receive any proceeds from the sale, which was of existing shares.
Apax previously shrunk its Auto Trader stake in February, when the private equity firm sold 233.6 million shares at 365p each, raising GBP852.8 million.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
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