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Ray Investment Is Selling $727 Million Stake in France’s Rexel

Aug. 7 (Bloomberg) -- Ray Investment SARL, the largest investor in Rexel SA, is selling a stake worth about 546 million euros ($727 million) in the electrical-equipment distributor.

Ray Investment is offering 28.8 million shares at 18.20 euros to the market price, according to terms seen by Bloomberg News. Deutsche Bank AG and UBS AG are managing the sale of approximately 10 percent of Rexel, according to a statement.

Shares of Rexel, the world’s biggest listed distributor of electrical equipment, closed at 18.95 euros in Paris yesterday, up 0.3 percent. Ray Investment will hold 24 percent of Rexel after the stake sale, it said in yesterday’s statement.

European companies have raised about $58 billion in additional share sales this year, including accelerated bookbuild transactions, compared with $30 billion in the same period last year, according to data compiled by Bloomberg.

To contact the reporter on this story: Ruth David in London at rdavid9@bloomberg.net Corinne Gretler in Zurich at cgretler1@bloomberg.net

To contact the editor responsible for this story: Jacqueline Simmons at jackiem@bloomberg.net

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