Nov. 8 (Bloomberg) -- KKR & Co. and Wendel, two private-equity firms, are seeking as much as 590 million euros ($814 million) from selling a stake in Legrand SA, the world’s largest maker of electrical switches.
The firms are placing 24.3 million shares, about 9.2 percent of Legrand, Paris-based Wendel said in an e-mailed statement today. The shares are being offered for 24 euros to 24.3 euros each, a discount of as much as 4.6 percent to today’s closing price, said two people with knowledge of the transaction, who declined to be identified as the information is private.
KKR is selling 11.3 million shares and Wendel 13 million shares, according to the statement. After the sale, the two buyout firms willl hold about 5.8 percent each of Limoges, France-based Legrand.
Shares of Legrand declined 17 percent this year, according to data compiled by Bloomberg. KKR and Wendel sold a 15 percent stake in the company in March.
Societe Generale SA is managing the sale, according to the statement.
To contact the editor responsible for this story: Edward Evans at firstname.lastname@example.org