Samsonite Shareholders Sold $528 Million Stake, Terms Say
Royal Bank of Scotland Group Plc and CVC Capital Partners Ltd. sold a combined 212.4 million shares in Samsonite International Sa. (1910), the world’s largest branded luggage maker, for about $528 million, according to a term sheet obtained by Bloomberg News.
The stock was sold at HK$19.28 a share and about 65 percent of the shares sold came from CVC with RBS selling the remaining, the termsheet said. The price is 3.5 percent lower than the luggage maker’s March 22 closing price of HK$19.98.
The investors sold the shares after Samsonite shares climbed more than 40 percent over the past year, topping the benchmark Hang Seng Index’s 7 percent rise. The luggage maker this month reported a 71 percent jump in profit from the previous year to $148.4 million in 2012.
Goldman Sachs is the sole bookrunner and the transaction was priced on March 25, the terms said. Samsonite fell 1.8 percent to close at HK$19.62 in Hong Kong today.
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