* Samsonite listed in HK after $1.25 bln IPO in 2011
* CVC, RBS have 90-day lock on further sales
HONG KONG Jan 14 Private equity firm CVC
Capital Partners and Royal Bank of Scotland sold a combined $290
million stake in Hong Kong-listed luggage maker Samsonite
International, a term sheet seen by Reuters showed.
The 138.3 million shares were sold at HK$16.20 each, a 4.9
percent discount to Samsonite's Friday's close of HK$17.04, the
terms showed. That would put the total deal at HK$2.24 billion,
with about 65 percent of the shares sold by CVC and the
remainder by RBS.
Samsonite's shares fell 1.6 percent in early trading in Hong
Kong to HK$16.76, compared with a 0.3 percent gain in the
benchmark Hang Seng index, but were still above the
The latest sale meant CVC reduced its stake in Samsonite to
about 9.7 percent and RBS to 5.1 percent, according to Thomson
Goldman Sachs was the sole underwriter on the
Luxembourg-based Samsonite listed in Hong Kong in 2011 in a
$1.25 billion IPO. CVC and RBS jointly raised about $821 million
by selling into the IPO, although Samsonite's shares languished
following the deal.
CVC and RBS have agreed to a 90-day lock-up during which
they will refrain from selling any more shares into the market,
the terms showed.