- The company’s UK subsidiary, Invexans Limited, successfully completed the sale of 4.2 million shares of the French multinational Nexans, in a transaction valued at US$367 million.
- The proceeds will be used primarily for new strategic investments.
- After the sale, Quiñenco’s subsidiaries remain reference shareholders of Nexans with an 19.2% ownership and active representation on the company’s board of directors.
April 5, 2023. Invexans S.A., a subsidiary of Quiñenco, informed the market this morning that its subsidiary Invexans Limited completed the sale of 4,203,638 shares of the French multinational Nexans, equivalent to 9.6% of the company’s share capital.
The transaction was carried out through a private placement to institutional investors by way of an accelerated book building offering, and reached a price of €80 per share, thus total proceeds reached US$367 million.
Invexans Limited informed that the main objective of this transaction is to adjust the company’s position in Nexans, thus unlocking resources for new strategic investments. After the transaction, Quiñenco’s subsidiaries will have a remaining interest in the French cable and electrification company of 19.2%, so they will continue to be reference shareholders. In addition, a 180-day lock-up period during which the shares not included in the offer may not be sold, was granted to the Banks.
The transaction was carried out through a private placement to institutional investors by way of an accelerated book building offering, with Goldman Sachs International, Morgan Stanley and Société Générale acting as global coordinators and joint bookrunners of the placement. Lazard, meanwhile, acted as financial advisor to Invexans Limited.
Quiñenco’s subsidiary preliminarily estimated that this transaction will generate a positive pre-tax financial effect of approximately US$148 million.