Reuters – CVC Capital, RBS Exit $512M Stake in Samsonite

Private equity firm CVC Capital Partners and Royal Bank of Scotland sold a combined $528 million stake in Hong Kong-listed luggage maker Samsonite International, according to a term sheet seen by Reuters on Monday. The 212.4 million shares were sold at HK$19.28 ($2.48) each, the terms showed. That would put the total deal at about HK$4.1 billion, with about 65 percent of the shares sold by CVC and the remainder by RBS.

(Reuters) – Private equity firm CVC Capital Partners and Royal Bank of Scotland sold a combined $528 million stake in Hong Kong-listed luggage maker Samsonite International, according to a term sheet seen by Reuters on Monday.

The 212.4 million shares were sold at HK$19.28 ($2.48) each, the terms showed. That would put the total deal at about HK$4.1 billion, with about 65 percent of the shares sold by CVC and the remainder by RBS.

Luxembourg-based Samsonite listed in Hong Kong in 2011 in a $1.25 billion initial public offering, with CVC and RBS jointly raising about $821 million by selling into the IPO.

With the latest sale, CVC and RBS exited completely their holdings in the company.

Goldman Sachs was the sole underwriter on the selldown. ($1 = 7.7628 Hong Kong dollars) (Reporting by Elzio Barreto and Clement Tan; editing by Miral Fahmy)