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8303 - Shinsei Bank News Story

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Sector
Financials
Size
Mid Cap
Market Cap £1.98bn
Enterprise Value £4.83bn
Revenue £2.71bn
Position in Universe 363rd / 3861

JC Flowers to sell $700 mln worth of shares in Shinsei Bank

Thu 8th August, 2019 8:07am
TOKYO, Aug 8 (Reuters) - Private equity investor JC Flowers
& Co will cut its stake in Japan's Shinsei Bank  8303.T  to less
than 4%, according to a filing by the lender, selling shares
worth around $700 million nearly two decades after one of
Japan's first buyout deals.
    The share sale will see the fund's founder, J. Christopher
Flowers, also sell down his personal stake in the lender, and
exit the bank's board, according to the filing.
    Flowers and other investors will sell as many as 45.6
million shares, including an over-allotment, to domestic and
overseas investors. That would bring the JC Flowers & Co holding
from 21.4% to 3.8% of outstanding shares. 
    The sale price has not been set, but the shares are worth
around 74.2 billion yen ($700 million) as of Thursday's closing
price of 1,627 yen. 
   ($1 = 106.1100 yen)

 (Reporting by Junko Fujita; Editing by David Dolan and
Muralikumar Anantharaman)
 ((813-6441-1840, junko.fujita@thomsonreuters.com, Reuters
Messaging:junko.fujita.reuters.com@reuters.net;))
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