A Cobham Plc institutional investor is selling 39.1 million shares in the British maker of defense and aerospace equipment, terms obtained by Bloomberg News show.
The investor, whose name was not disclosed, is selling a 3.6 percent stake in the company and the shares are being offered at 273.5 pence to market price, a discount of as much as 4.4 percent, according to the terms. UBS AG is sole manager for the accelerated bookbuild sale.
A 3.6 percent stake in Cobham is valued at about 111 million pounds ($170 million), data compiled by Bloomberg show.
Institutions across Europe are reducing stakes in companies as investors return to the region’s markets. Additional share sales including block sales increased to $45 billion so far this year, up 92 percent from the same period last year, according to data compiled by Bloomberg.