Bad day on the Stock Exchange for the stock Unieuro, which at the end of the morning lost almost 7%, to 13,42 euros, from 14,42 euros at the last closing.
The title thus approaches the price with which Italian Electronics Holdings exited the capital. In fact, on Wednesday evening, just a few hours after the announcement of the start of the sale, Ieh completed the accelerated bookbuilding procedure and sold approximately 3,5 million ordinary shares held in Unieuro to institutional investors, corresponding to approximately 17,6% of the share capital of the company at the price of 13,25 euros per share.
The placement concerned the entire stake held by Ieh in Unieuro. The settlement of the transaction is expected on 27 January 2020 and the total consideration is 46 million.
Ieh, that in the past had reached 33% of the capital of Unieuro, had already sold a first stake of 16,25% last November, also in that case at a discount (12,95 euros).
Ieh is attributable to funds managed by the private equity operator Rhone.
With this operation, the free float of Unieuro exceeds the threshold of 85% of the capital, transforming the company into a public company.
Unieuro recalls that Rhone has been the majority shareholder since the entry into the capital of the then Sgm Distribuzione (today Unieuro), which took place in 2005. Starting from the listing on the Stock Exchange in 2017 and through subsequent placements of shares on the market, Rhone's participation it decreased to the advantage of Italian and foreign institutional investors, to zero following yesterday's operation.
“The complete exit of the now former majority shareholder Rhone represents a new historic step for Unieuro – comments Giancarlo Nicosanti Monterastelli, CEO of the Italian company – Born as a family business over eighty years ago and controlled by private equity for fifteen years, Today, Unieuro becomes a public company, one of the rare Italian public companies”.
