May 14 (Bloomberg) -- Asteck SA is selling half its stake in Jeronimo Martins SGPS SA, Portugal’s largest retailer, according to a statement from the shareholder.
The 31.5 million shares are being offered to investors at between 16.5 euros and 17.25 euros, said a person with knowledge of the deal. At the top end of the range, that values the sale at as much as 543.4 million euros ($705.2 million). There is enough demand from investors for all the shares being offered, the person said.
Goldman Sachs Group Inc. is managing the deal, Asteck said in a statement. The proceeds will be used to fund investments in the core business of the Heerema Group, of which Asteck is a wholly owned unit. Asteck will retain a 5 percent stake in Jeronimo after the sale, according to the statement.
Shares of Lisbon-based Jeronimo fell 0.6 percent to 17.87 euros. They have gained about 22 percent this year, compared with a 10 percent increase in Portugal’s benchmark PSI-20 Index.
Additional share sales, including accelerated book builds, raised about $39 billion this year, compared with $23 billion in the same period in 2012, data compiled by Bloomberg show.
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