Ray Investment, the private equity major shareowner of Rexel, announced that it plans to sell another 10% of its stake in the French company. France-based Rexel is a global electrical distribution company that provides electrical supplies to professional users.The stake is equivalent to 28.8 million shares and based on Tuesday's closing price, is estimated to be worth EUR 546.76 million or USD 727.71 million. This will be the third sizeable stake sale of their Rexel holdings. Their latest was in early June when they also disposed of another 10% stake.
In a statement, the private equity firm said that they intend to sell their stake through an accelerated book building. It also said that the deal will be handled by Deutsche Bank and UBS. They will be acting as Ray Investment's joint bookrunners and placing agents, while Rothschild will act as the firm's advisor. Once the sale is completed, Ray Investment will still have voting rights as well as a 24% stake in the share capital of Rexel.
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