March 10, 2015 / 6:51 PM / 5 years ago

UPDATE 1-Zalando backers to sell 7.3 pct in share placement

* Backers including Samwer brothers sell 7.3 pct of company

* Transaction worth about 460 mln eur -source

* Kinnevik not selling in the placement (Adds details on sellers, lock-up, source on value of stake)

FRANKFURT, March 10 (Reuters) - A group of early backers of German online fashion retailer Zalando is selling 7.3 percent of shares in the company in a placement, joint bookrunner Morgan Stanley said on Tuesday.

Global Founders, Holtzbrinck Ventures, AI European Holdings and Rocket Internet will place up to 17.9 million shares in an accelerated bookbuilding, Morgan Stanley said.

Global Founders is the investment vehicle of founder brothers Marc, Oliver and Alexander Samwer, through which they also hold 38 percent of Rocket Internet, run by Oliver Samwer.

AI European Holdings is part of Ukrainian-American billionaire Len Blavatnik’s conglomerate Access Industries.

Two sources familiar with the transaction said the shares being sold were worth roughly 460 million euros ($493 million).

Morgan Stanley said it and the other joint bookrunners, Goldman Sachs and Credit Suisse, had partially waived a lock-up agreed by the sellers in connection with Zalando’s initial public offering.

Other pre-IPO shareholders and option holders not participating in the sale would also automatically be released from their lock-up obligation agreed at the IPO on a pro-rata basis for a total of 23.7 million shares, Morgan Stanley said.

Biggest shareholder Kinnevik, Bestseller Handels and founder-managers Robert Gentz and David Schneider are not selling in the placement.

They agreed to extend their lock-up commitments until June 28 for a total of 64 percent of the company. ($1 = 0.9337 euros) (Reporting by Georgina Prodhan and Arno Schuetze; Editing by Kirsti Knolle and Susan Thomas)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below