Reuters – 3i Exits Norma

Private equity group 3i has sold all of its remaining 16.7 percent stake in German engineering group Norma for about 109 million euros ($142.2 million). Britain’s 3i on Thursday said it placed 5.3 million Norma shares with investors for 20.50 euros each and was no longer a shareholder in the German company. That was a discount of about 4.5 percent to Norma’s closing share price on Wednesday and below its Frankfurt listing price of 21 euros per share in April 2011.

(Reuters) – Private equity group 3i has sold all of its remaining 16.7 percent stake in German engineering group Norma for about 109 million euros ($142.2 million).

Britain’s 3i on Thursday said it placed 5.3 million Norma shares with investors for 20.50 euros each and was no longer a shareholder in the German company.

That was a discount of about 4.5 percent to Norma’s closing share price on Wednesday and below its Frankfurt listing price of 21 euros per share in April 2011.

The sale was “significantly oversubscribed”, 3i said.

Shares in Norma were down 2.9 percent at 20.85 euros by 1010 GMT, while 3i’s stock was 0.5 percent higher at 231.6 pence ($3.70)

The private equity group, which invested in Norma in 2006, banked about 240 million euros from reducing its 73 percent stake to around 42 percent through the initial public offering. It raised a further 77 million euros in September last year when it cut its holding a second time.

Thursday’s sale, which was run by Berenberg Bank, took 3i’s total return to 5.5 times its original investment.

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