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Carlyle, Vestar Exit AZ Electronic

The Carlyle Group and Vestar Capital Partners have raised 130 million pounds ($208 million) from the sale of their remaining 11.6 percent stake in speciality chemicals company AZ Electronic Materials, Reuters reported Friday. They have been gradually reducing their stakes since listing AZ Electronic, which makes chemicals for Apple’s iPad displays, in October 2010.

(Reuters) – The Carlyle Group and Vestar Capital Partners have raised 130 million pounds ($208 million) from the sale of their remaining 11.6 percent stake in speciality chemicals company AZ Electronic Materials.

The two private equity backers said on Friday the placing of 44 million shares in AZ Electronic, launched on Thursday, had been priced at 295 pence per share – a 1.5 percent discount to Thursday’s closing price of 299.6 pence.

They have been gradually reducing their stakes since listing AZ Electronic, which makes chemicals for Apple’s iPad displays, in October 2010.

The sale was run by Deutsche Bank.