Sept. 2 (Bloomberg) -- Permira Advisers LLP is selling a stake valued at 846 million euros ($1.1 billion) in German fashion house Hugo Boss AG to institutional investors.
Bank of America Corp.’s Merrill Lynch and Citigroup Inc. are managing the deal, according to a statement. The 7.9 million shares are being sold for between 101.5 euros and the market price when the sale ends, said two people with knowledge of the matter, asking not to be identified because the sale is ongoing.
Shareholders in Europe, the Middle East and Africa have raised about $87 billion this year selling stakes in companies including carmaker Volkswagen AG and retailer Pandora AS, according to data compiled by Bloomberg, taking advantage of investor interest at its highest levels since the crisis.
Permira, which holds Metzingen, Germany-based Hugo Boss through its Red & Black investment vehicle, took control of the company seven years ago. It has cut its stake through two other share sales in the past 18 months, and before today’s sale owned about 50 percent.
Hugo Boss shares closed at 107.05 euros, valuing the stake on sale at 846 million euros. The shares have climbed 3.4 percent this year, compared with a 6 percent decline in the benchmark STOXX Europe 600 Retail Index.
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