Warburg Pincus hired Carnegie ASA as bookrunner to explore selling as much as a 10 percent stake in Electromagnetic Geoservices ASA.
Warburg funds will seek to sell 15 million to 20 million shares, or 7.6 percent to 10.2 percent, of the outstanding stock in the company, according to a statement issued today. The sale will be done through an accelerated bookbuilding process starting today.
The company’s shares rose 0.63 percent to 16.1 kroner as of 5:30 p.m. today in Oslo trading, valuing the company at 3.16 billion kroner ($522 million).
The Warburg Pincus funds own 21.3 percent of the company.