Canada’s Dollarama Inc.’s largest shareholder will exit the company, selling its stake to an unidentified financial institution for $301 million, Reuters reported. Bain Dollarama, which is indirectly owned by private equity firm Bain Capital, will sell its 9.2 million shares for C$32.50 each, a slight discount on the company’s closing price Monday. Bain Dollarama’s stake represented 12.4% of Dollarama’s about 73.65 million outstanding shares, Reuters said.
(Reuters) – Canada’s Dollarama Inc. said its largest shareholder agreed to sell its stake in the dollar store operator to an unidentified financial institution for C$297.6 million ($301.1 million).
Bain Dollarama (Luxembourg) One S.a.r.l, indirectly owned by private equity firm Bain Capital, said it will sell the 9.2 million shares it held for C$32.50 each — a slight discount to Dollarama’s close of C$32.75 Monday on the Toronto Stock Exchange.
The sale is expected to close on June 30, the company said in a statement.
Bain Dollarama’s stake represented 12.4 percent of Dollarama’s about 73.65 million outstanding shares as of June 9, according to Thomson Reuters data. ($1 = 0.986 Canadian Dollars) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Savio D’Souza)