THE WHAT? L Catterton and Ontario Teachers’ Pension Plan (OTPP) have announced that they have closed the sale of an approximately 5.7 percent stake in Intercos, priced at €13.25 per share, according to a report published by Reuters.
THE DETAILS The price is 6.8 percent below the closing value of €14.15 per share at the time the deal was struck last Tuesday. Shares in Intercos fell 6 percent to €13.30 in the aftermath of the deal. L Catterton now holds 13.3 percent in the Italian cosmetics firm while OTPP’s stake now stands at 10 percent.
THE WHY? L Catterton announced a strategic partnership with Intercos back in 2014, acquiring a ‘significant minority stake’ as part of the deal, while OTPP teamed up with the Italian cosmetics maker in 2017. While a reason for the sale was not given, gross proceeds totalled €73 million, which presumably will be invested elsewhere.
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