KKR, Wendel Plan to Sell Stake in Legrand

Buyout shop Kohlberg Kravis Roberts & Co. and France’s Wendel Investissement plan to sell a 15% stake in French electronics company Legrand, Reuters reported. Kohlberg Kravis Roberts & Co. will sell 18.7 million shares and Wendel will part with 21.3 million shares. Following the deal, the two firms will will jointly own about 21.3 percent of Legrand’s share capital, Reuters said.

(Reuters) – U.S. Private equity group KKR and France’s Wendel Investissement plan to sell a stake of about 15 percent in French electronics company Legrand , they said on Thursday.

Kohlberg Kravis Roberts & Co. intends to sell 18.7 million shares and Wendel 21.3 million shares via an accelerated book building to institutional investors, the investment companies said in a statement.

Legrand’s shares closed down 0.05 percent at 30.29 euros on Thursday.

Following the transaction, KKR and Wendel will jointly own about 21.3 percent of Legrand’s share capital and 34.1 percent of its voting rights and as such plan to each withdraw one representative on the board of directors of Legrand. (Reporting by Caroline Jacobs; Editing by Greg Mahlich)