ConvaTec shares to be sold in £800m deal

Nordic Capital and Avista are raising more than £800m by selling significant stakes in medical products and technology company ConvaTec (Insider Media, 2017).

The businesses have agreed to sell two hundred and fifty million shares in ConvaTec to institutional investors at a price of 322p per share, raising gross proceeds of £805m, through an accelerated bookbuilding process.

Nordic Capital currently owns 314.2 million shares or 16% of ConvaTec, while Avista has 137.2 million shares, equivalent to a 7% stake. Following completion of the placing, Nordic Capital will own 7% and Avista 3% of ConvaTec.

The proceeds of the placing are payable in cash on June 8th 2017. ConvaTec will not receive any proceeds from the placing.

Goldman Sachs International, Merrill Lynch International and UBS are acting as joint bookrunners in connection with the placing.

ConvaTec, whose corporate head office is located in Reading, has a significant factory in Deeside.

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