PARIS, June 4 (Reuters) - Rexel’s controlling shareholder Ray Investment has sold a 10 percent stake in the French electrical equipment supplier for 487.54 million euros ($635 million), as Ray’s private equity owners further reduce their stakes.
It was the second recent sizeable Rexel stake sale by Ray, which is controlled by Clayton, Dubilier & Rice, Eurazeo , Bank of America Merrill Lynch and the Caisse des Depots et Consignations du Quebec.
Ray had earlier signalled its intention to sell 28.1 million shares, and traders said the placing was being made in a price range of 17.25 to 17.35 euros a share. Ray Investment said in a statement the final price was 17.35.
Deutsche Bank was the bookrunner on the deal, which was sold in a single block, according to a source close to the deal.
French investment group Eurazeo, a Ray Investment shareholder since 2005, said its share of the proceeds would be about 85 million euros.