LONDON (Alliance News) - Electra Private Equity PLC said Friday it has completed the sale of its Photobox interest to funds advised by Lexington Partners LP.
The investment trust, which is currently winding down, expects to receive GBP98 million in cash from the Photobox sale, which will be distributed as part of a GBP140 million special dividend in December.
Electra will also sell its interest Knight Square to Lexington for GBP21 million, with a further GBP13 million to be given to Electra as loan repayment in relation to Knight Square.
Electra's remaining corporate investments, which have an approximate value of GBP403 million based on their adjusted March 31 carrying value, are to be sold as part of a slow wind-down.
Shares in Electra closed down 0.5% Friday at a price of 833.00 pence each.