Ray Investment SARL, the largest investor in Rexel SA (RXL), is selling a stake worth about 546 million euros ($727 million) in the electrical-equipment distributor.
Ray Investment is offering 28.8 million shares at 18.20 euros to the market price, according to terms seen by Bloomberg News. Deutsche Bank AG and UBS AG are managing the sale of approximately 10 percent of Rexel, according to a statement.
Shares of Rexel, the world’s biggest listed distributor of electrical equipment, closed at 18.95 euros in Paris yesterday, up 0.3 percent. Ray Investment will hold 24 percent of Rexel after the stake sale, it said in yesterday’s statement.
European companies have raised about $58 billion in additional share sales this year, including accelerated bookbuild transactions, compared with $30 billion in the same period last year, according to data compiled by Bloomberg.
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