19 January 2011 15:01 [Source: ICIS news]
PRAGUE (ICIS)--Brachem Acquisition has sold a 14% stake in the world's largest chemical distributor, Brenntag, to institutional investors in a deal worth around €500m ($667m), the private equity investment vehicle said on Wednesday.
The sale leaves Luxembourg-based Brachem with a 36% stakeholding in the Germany-based company, it added.
It followed a deal in October 2010 in which Brachem sold a 21% stake to institutional investors for €668m.
The latest transaction involved Brenntag shares priced at €71.50 each being sold in an accelerated bookbuilding offering conducted by Goldman Sachs International.
It meant the percentage of free-floating Brenntag shares had risen from 50.4% to 64%, Brachem added.
Brachem invested in Brenntag in September 2006. In March 2010, it listed Brenntag shares on the ?xml:namespace>
Brachem is controlled by UK-based private equity firm BC Partners.
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