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Intercos fund shareholders L Catterton, OTPP sell 6% stake at 7% discount
Global Banking & Finance Review®
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MILAN (Reuters) – Private equity fund L Catterton and the Ontario Teachers’ Pension Plan (OTPP) said they had completed the sale of an around 5.7% stake in Italian cosmetics manufacturer Intercos at a price of 13.25 euros ($14.36) per share.
MILAN (Reuters) – Private equity fund L Catterton and the Ontario Teachers’ Pension Plan (OTPP) said they had completed the sale of an around 5.7% stake in Italian cosmetics manufacturer Intercos at a price of 13.25 euros ($14.36) per share.
The price represents a 6.8% discount to Tuesday’s closing value of 14.15 euros per share.
Shares in Intercos fell as much as 6% to 13.30 euros on Wednesday.
The sale took place through an accelerated bookbuilding procedure managed by Jefferies and UBS, while Rothschild & Co acted as financial adviser to the sellers.
Gross proceeds from the placement totalled about 73 million euros. The deal will settle on March 31.
L Catterton and OTPP will come to hold, respectively, 13.3% and 10% of Intercos, as a result of the deal.
Intercos started trading in Milan in November 2021, after listing its shares at a price of 12.50 euros each.
Intercos is controlled by founder Dario Gianandrea Ferrari through a 40.5% stake. ($1 = 0.9228 euros)
(Reporting by Alessandro Parodi and Federico Maccioni, editing by Cristina Carlevaro and Valentina Za)
An accelerated bookbuilding procedure is a method used by companies to quickly raise capital by selling shares to institutional investors, often at a discount to the current market price.
A financial adviser is a professional who provides guidance on financial matters, including investments, estate planning, and retirement savings, helping clients make informed decisions.
A stake in a company represents the ownership interest held by an individual or entity, typically measured in shares. It indicates the proportion of the company owned.
In finance, a discount refers to the reduction in the price of an asset or security compared to its market value, often used to attract buyers during sales.
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