The sale of 4,203,638 shares of the French multinational Nexans was completed, equivalent to 9.6% of the company’s capital
Invexans S.A., a subsidiary of Quiñenco, reported this Wednesday that its subsidiary Invexans Limited completed the sale of 4,203,638 shares of the French multinational Nexans, equivalent to 9.6% of the company’s capital.
The operation was carried out through an accelerated bookbuilding offering process carried out through a private placement to institutional investors, and reached a price of €80 per share, which reports a total collection of US$367 million.
As reported by Invexans Limited, the main objective of this operation is to adjust the position that the company maintains in Nexans, thus freeing up resources for new strategic investments. Once the sale is completed, the participation of the Quiñenco subsidiaries in the French cable and electrification company will be 19.2%, so they would continue to be reference shareholders of that company.
Likewise, a “lock-up period” or obligation not to sell the Nexans shares not included in this offer was established in favor of the Banks, for a period of 180 days.
The transaction was carried out through an accelerated bookbuilding offering process, through a private placement to institutional investors, with Goldman Sachs International, Morgan Stanley and Société Générale acting as global coordinators and joint placement agents for the transaction. Lazard, meanwhile, operated as a financial adviser to Invexans Limited.
The Quiñenco subsidiary preliminarily calculated that this operation will generate a positive financial effect before taxes of approximately US$148 million.