Australia's Ventia Services slumps as CIMIC, Apollo Global sell $284 mln worth shares (updated)

Ventia Services

08/03/2023 24:53

(Adds details on stake sale, share moves)
       March 8 (Reuters) - Australia's Ventia Services Group
 VNT.AX  said on Wednesday its top two shareholders - CIMIC
Group and private-equity firm Apollo Global Management - have
each sold 93 million shares in the company via an underwritten
block trade.
    Shares of Ventia fell as much as 6.5% to their lowest level
in more than a year.
    The stake sale at the infrastructure services provider is
valued at about A$431.6 million ($284.29 million), as of Ventia
stock's last closing price on Tuesday.
    After the stake sale, CIMIC and Apollo would each hold about
21.9% stake in Ventia, the New South Wales-based company said in
a statement, adding that both shareholders have agreed to a
customary 90-day escrow period in relation to their remaining
shares in the firm.


    ($1 = 1.5181 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru; Editing by Sherry
Jacob-Phillips)
 ((Ayushman.Ojha@thomsonreuters.com;))