March 1 (Bloomberg) -- Ray Investment SARL, the largest investor in Rexel SA, raised 472.5 million euros ($629 million) from selling an 11 percent stake in the French electrical equipment distributor.
Ray sold 30 million Rexel shares for 15.75 euros each, according to a statement today. That’s 4.8 percent less than Paris-based Rexel’s closing price yesterday, and at the low end of the range the firm had considered, according to a person familiar with the process.
Ray remains Rexel’s biggest shareholder, with a stake of about 60 percent. Rexel, the biggest distributor of electrical equipment in the world, announced plans last month to reduce branches and staff in Spain and Italy as a result of Europe’s sovereign debt crisis.
Deutsche Bank AG managed the stock sale and Rothschild & Cie advised Ray, according to the statement. Ray’s shareholders include funds controlled by Clayton Dubilier & Rice and Caisse de Depot et Placement du Quebec.
Rexel fell 3.3 percent to 16 euros at 4:13 p.m. in Paris trading. The shares have gained 21 percent this year.