Indigo sells stake after investing in 2004.
Companies: Wizz Air Holdings Plc
Private Equity firm Indigo Partners has sold its 18.7% stake in Wizz Air, the AIM-listed low-cost airliner, for £249m in an accelerated bookbuild process to institutional investors.
The company sold 10.7m ordinary shares at an average price of 2,320p/share, nearly 4.5% below yesterday's close. Confirmation of the move sent shares in WIZZ tumbling almost 7% early on Thursday.
The private equity firm now doesn't own any ordinary shares, but still holds 44.8m convertible shares and convertible notes, which works out at roughly 24m ordinary shares if converted.
Indigo Partners first invested in Wizz Air in 2004, adding to its portfolio of holdings in several airlines around the globe. Since floating on the stock market in early 2015, WIZZ shares have increased by more than 100%.