22nd Jun 2021 19:23
(Alliance News) - Swiss Re AG on Tuesday launched a sale of 66 million shares in Phoenix Group Holdings PLC.
Swiss Re Finance Midco (Jersey) Ltd, a unit of the reinsurance company, currently owns 132.4 million Phoenix shares, representing about 13% stake.
Phoenix Group stock closed 1.0% lower in London on Tuesday at 693.60 pence each, giving it a market capitalisation of GBP6.93 billion. Based on that price, Swiss Re Finance Midco's share sale is worth about GBP457.8 million.
Merrill Lynch International, Citigroup Global Markets Ltd and HSBC Bank PLC have been appointed by Swiss Re Finance Midco as joint global coordinators and joint bookrunners.
Citigroup said the price per share will be determined by way of an accelerated bookbuilding process. The bookbuilding period will start on Tuesday and may close at any time on short notice.
After the closing of the placing, Swiss Re Finance Midco's remaining shares will be subject to a 90 day lock-up.
Swiss Re shares closed marginally lower in Zurich at CHF85.10 each on Tuesday.
By Evelina Grecenko; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Phoenix Group Holdings