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Private equity owners sell 10% Rexel stake for €500m

4 Jun 2013

Holding company Ray Investments has sold a ten per cent stake in electrical supplies distribution Rexel for €500m.

The sale amounts to 28.1 million shares and comes by way of an accelerated book building to institutional investors.

Shareholders in Ray Investments include European investment firm Eurazeo, alongside Clayton Dubilier & Rice, Bank of America Merrill Lynch and Caisse des Dépôts et Consignations du Québec.

Eurazeo’s share of the proceeds of the Rexel shares sale amounts to approximately €85m, it said. As a result of this placement, Eurazeo’s indirect interest in Rexel will be reduced from 12.7 per cent, to 10.9 per cent of Rexel share capital.

This is the third transaction completed by Ray Investment since March 2012 in Rexel shares. This disposal is fully in line with Eurazeo’s ongoing asset rotation, the firm said, having generated a cash inflow of approximately €750m since the beginning of the year.

Euronext-listed Eurazeo is a majority or key shareholder in companies such asAccor, 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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