|
Novo Holdings AS, a vehicle for the Novo Nordisk Foundation, on Monday said it intends to sell its stake in Convatec Group PLC. Denmark-based Novo Holdings said it will sell around 155 million shares in London-based medical products and technologies provider Convatec via a placing to institutional investors. The share sale represents around 7.8% of Convatec’s share capital. The placing price will be determined by way of an accelerated bookbuilding process. At Thursday’s closing Convatec share price of 239.20p the share sale is worth around £370 million. However, Bloomberg reported that the transaction is expected to priced at 227p per share, raising more than £350 million. Novo Holdings had already monetised all previously held shares in Convatec through derivatives transactions, which will settle alongside the offering, according to Monday’s statement, meaning the foundation will fully exit its investment in the company. Novo initially bought an around 20% stake in Convatec in 2017. Novo Holdings, is a vehicle for the Novo Nordisk Foundation which is the controlling shareholder of pharmaceutical firm, Novo Nordisk AS. Goldman Sachs International and Morgan Stanley & Co International PLC are acting as joint global coordinators in connection with the offering. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
