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Convatec slumps as private equity groups sell GBP805m of shares

By Michele Maatouk

Date: Tuesday 06 Jun 2017

Convatec slumps as private equity groups sell GBP805m of shares

(ShareCast News) - Nordic Capital and Avista Capital Holdings have sold 250m shares in medical technology company Convatec at 322p per share, raising gross proceeds of £805m.
Following the placing, which was conducted by way of an accelerated bookbuild, Nordic will own 143.2m shares or 7.3% of Convatec, while Avista will own 58.2m shares or 3%.

Nordic and Avista had said on Monday that they planned to sell around 200m shares in the company, but the amount was increased due to strong investor demand.

Goldman Sachs, Merrill Lynch International and UBS acted as joint bookrunners in the placing.

At 0900 BST, Convatec shares were down 4.6% to 328.30p.

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