Private equity firm CVC to halve stake in Spain’s Abertis

(Reuters) – British private equity firm CVC Capital Partners is selling a 7.5 percent stake in Spain’s Abertis, broker UBS said on Tuesday, halving its stake in the infrastructure firm and raising over 1 billion euros ($1.12 billion).

UBS said in a statement it was placing over 67 million Abertis shares in an accelerated book build on behalf of Trebol International, a CVC investment vehicle.

The deal would fetch around 1.16 billion euros at Tuesday’s closing price of 17.17 euros per share, turning a profit for CVC which had bought a 15.6 percent stake in August 2010 at 15 euros per share

The placement should be completed within the next day, UBS said. CVC, via Trebol, was one of Abertis’ biggest shareholders, alongside financial group La Caixa, which holds 22.4 percent stake, and Spanish builder OHL, which has a stake of nearly 19 percent.