New Energy Investment to sell stake in Dong Energy for €324m
New Energy Investment (NEI) is set to sell a 1.78% share in windfarm developer Dong Energy for kr2.4bn (€324m).
Under the arrangement, NEI has agreed to divest 7.5 million existing shares for kr321 ($51) each to institutional investors. The transaction will be carried out through an accelerated bookbuild offering.
Upon completion of the deal, NEI will own 11.4 million shares in DONG Energy, which corresponds to 2.7% of the existing shares.
In addition, NEI has agreed to maintain a 60-day lock-up period starting from 30 September this year.
DONG Energy noted that it would not receive any proceeds from the deal.
Last year, Dong Energy became one of the largest initial public offerings (IPO) after a group of investors including the Danish state, Goldman Sachs, and Danish pension funds offloaded shares on the Copenhagen stock exchange.