3i-backed Quintiles in NYSE flotation

15 May 2013

3i Group plc (“3i”) announces that, on 14 May 2013, Quintiles, the world’s largest provider of biopharmaceutical development and commercial outsourcing services, announced the completion of its Initial Public Offering (“IPO”) on the New York Stock Exchange.  

Quintiles offered 27,236,841 shares at $40 per share, of which Quintiles sold 13,125,000 shares. Selling shareholders sold 14,111,841 shares.  As part of this, 3i and funds managed by 3i reduced their stake by approximately 10 per cent, receiving proceeds of $67 million.  At the IPO offering price, 3i and funds’ remaining 12.3% stake is worth approximately $633 million.

Proceeds to 3i Group plc were approximately $24.1m (£15.5m), against a value of £86.3 million at 31 March 2012 and £90.0 million at 31 December 2012.  At the IPO offering price, 3i Group plc’s remaining 4% stake is worth approximately $207 million (£133m).  These proceeds take 3i’s cash return to date from its investment in Quintiles of £100.0 million to 1.0x and, including remaining value at the IPO price, to 2.3x in sterling terms.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on 8 May 2013.  The offering of these securities is being made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, via telephone: +1 (866) 718-1649 or by email: prospectus@morganstanley.com; Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, via telephone: +1 (888) 603-5847 or by email: barclaysprospectus@broadridge.com; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or via telephone: +1 (866) 803-9204.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

 

For further information, contact:

3i UK
Kathryn van der Kroft
Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

 

Notes to editors:

About 3i Group

3i is a leading international investor focused on mid-market private equity, infrastructure and debt management across Europe, Asia and the Americas. For further information, please visit: www.3i.com.

 

Regulatory information

This transaction involved a recommendation of 3i Corporation, a US wholly owned subsidiary of 3i Group.  It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this release. For data relating to other assets involving a past recommendation by 3i Corporation please go to our website.