By Chris Vellacott
LONDON, March 5 British investment group Jupiter
Fund Management's second-biggest shareholder, private equity
firm TA Associates, has sold its entire 11 percent stake for
197.2 million pounds ($328.79 million).
The 48.6 million shares sold for 406 pence each in a
bookbuild run by JP Morgan, according to a market filing on
Jupiter shares had closed prior to the sale's launch at
The deal closes a chapter in Jupiter's history, with the
exit of a shareholder that first bought in during 2007 to back a
management buyout from former owner Commerzbank.
After Jupiter's stock market listing in 2010, the private
equity group held 22.3 percent of the shares but has since
gradually reduced its holding through a series of placings
starting with a 3.3 percent sale, in May 2011.
TA Associates completed two sales last year, taking its
holding from around 19 percent to 11 percent.
A source close to the deal said the offer, which launched
after the market close at 1630 GMT on Tuesday, was fully covered
within an hour and closed at around 2000 GMT, priced at the top
end of a 400-406 pence range.
The bulk of the shares were sold to British institutions,
the source said, and while existing shareholders used the sale
to add to their stakes, a significant number of new investors
Jupiter is undergoing a change of management, with former
BlackRock executive Martin Slendebroek due to replace Edward
Bonham Carter as chief executive in March.
Jupiter declined to comment on the transaction.