11th Feb 2015 10:47
LONDON (Alliance News) - US private equity firm Warburg Pincus LLC on Wednesday sold a larger-than-expected stake in FTSE 250-listed retailer Poundland Group PLC, sending shares in the company lower.
Poundland shares were down 5.4% to 394.20 pence on Wednesday morning, one of the worst performers in the FTSE 250, after Warburg, its largest shareholder, sold 35 million shares in the company, nearly half its existing stake. It had planned to sell 25 million shares, but upped the placing following strong demand.
Warburg sold the shares for 405 pence, raising GBP142 million. The private equity house now owns 41 million shares in the high-street discount chain, or around 16.4% of its issued share capital.
JPMorgan Cazenove and Credit Suisse Securities were the joint bookrunners on the placing.
By Sam Unsted; [email protected]; @SamUAtAlliance
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