(Alliance News) - B&M European Value Retail SA shareholder SSA Investments will sell around 40 million shares in the variety goods retailer, Goldman Sachs International said on Thursday.
SSA is the investment vehicle of the Arora family. Simon Arora is B&M's chief executive.
The shares account for about 4.0% B&M's issued share capital and, at current prices, are worth GBP238.6 million in total.
B&M shares closed 1.9% lower at 596.60 each on Thursday in London.
SSA currently owns directly and indirectly 109.9 million shares in Luxembourg-based B&M, or an 11% stake. Following the sale, SSA will own about 7.0% of B&M.
The sale will be done via an accelerated bookbuild to institutional investors, during which the pricing will be decided. Goldman Sachs International is acting as sole bookrunner in connection with the placing.
SSA will hold on to its other B&M shares for at least 180 days after the placing is complete.
B&M will not receive any proceeds from the placing.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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