LONDON (Reuters) – Private equity firm CVC Capital on Tuesday sold half of its holding in UK spread betting firm IG Group (IGG.L), a 4.2 percent stake worth 58 million pounds ($89.7 million).
The 15.1 million IG Group shares were sold for 386 pence per share in a placing handled by Barclays Capital, according to a pricing sheet for the deal seen by Reuters.
By 1035 GMT IG shares were down 3.4 percent at 386.6p, valuing the company at about 1.3 billion pounds.
CVC, which declined to comment, backed a management buyout of IG in July 2003 and cut its stake when the spread betting firm returned to the stock market in April 2005.
Funds managed or advised by CVC Capital Partners Ltd or its affiliates held 8.4 percent of IG at the end of November, IG said in its last results. (Reporting by Steve Slater, Jon Hopkins and Atul Prakash; Editing by David Holmes) ($1=.6465 Pound)