Riverstone to float new 550 mln stg energy vehicle in London

LONDON, Sept 24 Tue Sep 24, 2013 2:30am EDT

LONDON, Sept 24 (Reuters) - Energy focused private equity firm Riverstone said it would list a new energy vehicle, Riverstone Energy Limited (REL), on the main market of the London Stock Exchange in a move which will raise up to 550 million pounds ($882 million).

The new company, whose shares are expected to start trading on Oct. 29, will invest across the global energy industry, focusing on exploration and production, an intention to float announcement said on Tuesday.

It has received binding commitments from five cornerstone investors and Riverstone, where former BP chief executive John Browne is a partner, to invest up to 550 million pounds in the issue.

"REL presents a unique opportunity for public market investors to gain exposure to the energy sector via Riverstone's highly experienced team," REL's chairman Robert Wilson said in a statement.

Riverstone has featured in the British press in recent months as it is a part-owner of Cuadrilla, a company whose exploration for shale gas in the country has been the subject of protests.

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