December 3, 2019 / 7:53 AM / 12 days ago

Norway cuts Entra stake in $371 million share sale

OSLO (Reuters) - The Norwegian government sold a 14.1% stake in real estate company Entra (ENTRA.OL) for 3.4 billion crowns ($371.1 million), the country’s industry ministry said on Tuesday.

Following the sale of shares to around 210 foreign and Norwegian investors, the government’s remaining stake now stands at 8.2%.

“Our goal is to boost private ownership in Norway, and the government has long said we will not be a long-term owner of Entra,” Industry Minister Torbjørn Roe Isaksen of the ruling Conservative Party said.

The shares were sold at 133 crowns each, a discount of 3.3% to Monday’s closing price. The shares have doubled in value however since Entra went public in 2014.

The transaction was managed by ABG Sundal Collier (ASC.OL), DNB Markets (DNB.OL) and Goldman Sachs International (GS.N).

The government has agreed to a so-called lock-up period of 90-days, during which it will not sell any further Entra shares.

Reporting by Terje Solsvik, editing by Louise Heavens

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