LONDON (Alliance News) - Private equity firm Cinven is to sell a 10% stake in Spire Healthcare Group PLC through an accelerated bookbuild, according to a statement issued by JP Morgan Securities PLC on Monday.
JP Morgan Securities, which is part of JPMorgan Chase & Co, will place the 40.1 million shares alongside fellow bookrunner Morgan Stanley's Morgan Stanley & Co International PLC.
"The offer price will be determined by means of an accelerated bookbuild offering process which is to start immediately," the statement said late Monday.
Assuming the sale of the 10% stake in its entirety, Cinven would be left with a 38.3% stake in Spire, equivalent to 153.8 million shares,
Cinven last sold shares in the FTSE 250 healthcare group in January, when it disposed of a 10% stake at 315 pence per share. Under that sale, Cinven agreed on a lock-up that prevented it from selling any more shares for 90 days.
Cinven has now agreed on a new lock-up of 90 days that will become effective following the latest share sale.
Spire Healthcare shares closed down 1.3% at 367.10 pence on Monday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Spire Healthcare (SPI)