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.

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Upon completion of the deal, NEI will own 11.4 million shares in DONG Energy, which corresponds to 2.7% of the existing shares.

"NEI has agreed to divest 7.5 million existing shares for kr321 ($51) each."

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.

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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.

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