GIC acquires stake in Carlyle-backed Applus


singapore_skyscraper_170Singapore’s sovereign wealth fund GIC has bought a 6.5 per cent interest in Spanish industrial testing services group Applus via its recent IPO.

The stake acquired by GIC is valued at €127m, according to Reuters.

Earlier this month, Applus sold €1.1bn worth of shares including €300m in newly issued shares in its IPO on Soanish stock exchanges.

The company is backed by private equity major Carlyle, which cut its stake to 35 per cent in the IPO.

Earlier this year Applus said it would use most of the proceeds to pay off its debts.

Carlyle bought the business in 2007 in a deal that valued it at €1.48bn.

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