6th Apr 2016 17:37
LONDON (Alliance News) - Bank of America Merrill Lynch Wednesday said that private equity firms Advent International Corp and Bain Capital LLC plan on selling 275.0 million shares in London-listed Worldpay Group PLC, equivalent to a 13.8% stake in the FTSE 100 payments company.
The shares are being offered by way of an accelerated bookbuild, with Barclays Bank PLC, Goldman Sachs International, Merrill Lynch International and Morgan Stanley & Co International acting as joint bookrunners.
Originally, only 250.0 million shares, equal to a 12.5% stake, were made available for sale but later Wednesday Bank of America Merrill Lynch said the amount of shares made available had been increased.
When Worldpay conducted its initial public offering, the shareholders entered into a 180 day lock-up with the joint bookrunners, which has now been waived. Any Worldpay shares held by the shareholders that are not sold in the placing will be subject to a 90 day lock-up.
If Advent and Bain manage to offload all the shares intended, then they would continue to hold a stake in Worldpay of around 28.2% following the transactions. Worldpay will not receive any proceeds from the placing.
Worldpay shares closed up 0.8% to 282.80 pence per share on Wednesday.
By Joshua Warner; [email protected]; @JoshAlliance
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