3i realises £29m in Quintiles’ secondary public offering
3i Group plc (“3i”) announces that, as a result of the completion of a secondary public offering (including the exercise in full by the underwriters of their option to purchase additional shares on 26 March 2014) by certain shareholders of Quintiles (NYSE: Q), 3i and funds managed by 3i sold 2,890,818 shares of Quintiles common stock.
The selling shareholders in the offering (including 3i and funds managed by 3i) sold a total of 17.25 million shares, at a price to the public of $52 per share. As part of this offering 3i and funds managed by 3i reduced their stake from 11.6% to 9.4% for proceeds of approximately $145 million. Following the offering, 3i and funds’ remaining stake is worth approximately $636 million, based on the offering price of $52 per share.
Proceeds to 3i were approximately £29 million and, at the offering price, 3i’s remaining c.3% stake is worth approximately £125 million. Together this represents a £16m uplift over the 31 December 2013 valuation of 3i’s stake of £138 million. These proceeds take 3i’s cash return to date from its original investment in Quintiles to 1.4x and, including remaining value, to 2.6x in sterling terms.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on March 12, 2014. The offering was 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; Barclays Capital Inc. c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717; J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717.
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:
Kathryn van der Kroft
Tel: +44 20 7975 3021
Charlyn Lusk, Stanton PRM
Tel: +1 646-502-3549
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.
This transaction involved an investment and divestment recommendation of 3i Corporation, a registered investment adviser in the US and a 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.