LONDON (Alliance News) - Groupe Bruxelles Lambert on Wednesday said it, and its wholly owned subsidiary GBL Energy, has sold its entire 6.6% stake in Burberry PLC.
The sale, first announced after the market close on Tuesday, was conducted via an accelerated bookbuild. Proceeds from the disposal amounted to approximately GBP498 million.
"The divestment of this stake is part of GBL's dynamic strategy in terms of portfolio diversification and allows it to realize a capital gain," GBL said.
Ian Gallienne and Gerard Lamarche, co-chief executives of Groupe Bruxelles Lambert, commented: "The sale of 27.6 million Burberry shares for an amount of approximately GBP498 million allows GBL to achieve a capital gain of approximately GBP83 million. This capital gain will not impact GBL's consolidated net result following the entry into force of IFRS 9. The proceeds from the disposal will be redeployed into other investments, in line with GBL's portfolio diversification strategy."
The placement was managed by Goldman Sachs.
Burberry (BRBY)