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Eurazeo, CD&R-backed Ray Investments sells another 10% Rexel stake

7 Aug 2013

electricity sparkEurazeo and Clayton Dubilier & Rice-backed holding company Ray Investments has sold another ten per cent stake in electrical supplies distribution business Rexel for almost €525m.

Ray parted with 28.8 million shares at €18.25 each by way of an accelerated book building to institutional investors.

The company performed an almost identical manoeuvre in June, selling 28.1 million shares for €500m.

Ray France Investment’s shareholding in Ray Investment will increase from 33 per cent to 38 per cent, while Eurazeo’s indirect interest in Rexel will be reduced from 11.1 per cent to 9.1 per cent of its share capital.

Eurazeo has been a shareholder in the business since March 2005 alongside CD&R, Bank of America Merrill Lynch and Caisse des Dépôts et Consignations du Québec.

The French alternative investment house said its share of the most recent proceeds was approximately €100m.

Euronext-listed Eurazeo is a majority or key shareholder in companies such as Accor, ANF Immobilier, APCOA, Elis, Europcar, Foncia, Fonroche Energie, Moncler, Rexel, 3SP Group, Léon de Bruxelles and Dessange International.

In May the firm agreed to sell The Flexitallic Group, a provider of sealing product technology for the oil, gas and energy sectors, for €450m.

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