American private equity firm KKR has sold off its remaining 12.3 percent stakein Pets at Home.
This amounted to 62 million shares in the pet supplies retailer, which fell2.65 percent in London trading. Shares were worth 174p each at the time,raising £108m.
Merrill Lynch International and Numis Securities acted as joint bookrunners onthe placing and the retailer will not receive any of the proceeds of the sale.
The proceeds will be payable in cash on usual settlement terms, and isexpected to close later this month.
KKR acquired Pets at Home in 2010, after it bought it from Bridgepoint for£955m and the retailer floated on the stock market in 2014.
Ian Kellett, chief executive officer, said: “We again saw the benefits of ouromnichannel capabilities, providing customers with innovative and convenientways to shop, particularly through order in-store and subscription services.This unique combination of capabilities are brought to life by our storecolleagues who provide the friendly expertise, advice and service that ourcustomers really value.”
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