CVC Capital Partners Ltd. sold a 19.7 percent stake in Bpost SA, Belgium’s state-controlled postal service, for 580 million euros ($798 million), less than six months after raising 866.4 million euros in the company’s initial share sale.
Post Invest Europe SARL, a Luxembourg-based unit of CVC, sold 39.3 million Bpost shares for 14.75 euros apiece, according to an e-mailed statement today. That’s a 3.2 percent discount to the last share price before trading in Bpost was halted yesterday. CVC also collects the 93 cent-a-share interim dividend as the stock was offered without the right to the payment.
CVC had already recovered its 523 million-euro investment in Bpost prior to the initial public offering at 14.50 euros a share in June, the fifth-biggest in Europe this year. Pre-IPO distributions by the postal company amounted to about 1.3 billion euros since 2006, split equally between CVC and the Belgian state. The private-equity investor’s exit will leave Bpost’s board of directors dominated by the Belgian government, which last month fired Didier Bellens, chief executive officer of Belgacom SA, the state-controlled telephone company.
CVC said the sale represents “substantially all” of its remaining holding in Bpost. It retains 4,062 shares, according to calculations by Bloomberg News.
Nomura Holdings Inc. and UBS AG acted as joint bookrunners on the sale. KBC Securities NV was lead manager.