PARIS, Aug 7 (Reuters) - Rexel’s controlling shareholder Ray Investment plans to sell a further 10 percent stake in the French electrical equipment supplier via an accelerated book building, it said in a statement late on Tuesday.
It will be the third 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.
The 28.8 million shares slated for sale would be worth 546.76 million euros ($727.71 million) at Tuesday’s closing price. The transaction will leave Ray with 24 percent of Rexel’s share capital and voting rights.
Deutsche Bank and UBS are acting as placing agents and joint bookrunners on the deal, which Ray said was part of a strategy to actively manage its investments.
Rothschild is advising Ray Investment on the deal.
Ray, which said it intended to remain an active shareholder, also sold a 10 percent stake in Rexel in early June.