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THE WHAT? L Catterton and Ontario Lecturers’ Pension Plan (OTPP) have introduced that they’ve closed the sale of an roughly 5.7 p.c stake in Intercos, priced at €13.25 per share, based on a report printed by Reuters.
THE DETAILS The worth is 6.8 p.c under the closing worth of €14.15 per share on the time the deal was struck final Tuesday. Shares in Intercos fell 6 p.c to €13.30 within the aftermath of the deal. L Catterton now holds 13.3 p.c within the Italian cosmetics agency whereas OTPP’s stake now stands at 10 p.c.
THE WHY? L Catterton introduced a strategic partnership with Intercos again in 2014, buying a ‘vital minority stake’ as a part of the deal, whereas OTPP teamed up with the Italian cosmetics maker in 2017. Whereas a motive for the sale was not given, gross proceeds totalled €73 million, which presumably will likely be invested elsewhere.
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