CVC, RBS exit Samsonite with $528 million stake sale: terms

HONG KONG Mon Mar 25, 2013 12:25am EDT

Samsonite luggages are displayed during an investors' luncheon presentation in Hong Kong May 30, 2011. REUTERS/Tyrone Siu

Samsonite luggages are displayed during an investors' luncheon presentation in Hong Kong May 30, 2011.

Credit: Reuters/Tyrone Siu

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HONG KONG (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 (1910.HK), 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 CVC.UL and the remainder by RBS (RBS.L).

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 (GS.N) was the sole underwriter on the selldown.

($1 = 7.7628 Hong Kong dollars)

(Reporting by Elzio Barreto and Clement Tan; editing by Miral Fahmy)

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