Italy’s aerospace and defence group Leonardo said on Tuesday it was selling a 9.4% stake in rocket maker Avio through an accelerated bookbuilding to institutional investors.
Leonardo, which will maintain a 19% holding, said it would use the proceeds from the sale of about 2.6 million Avio shares to subscribe to the rocket maker’s planned capital increase.
Avio’s shareholders, including Leonardo, approved a 400-million-euro capital hike plan last week to finance expanded manufacturing capacity at a time of robust opportunities in the global space and defence industries.
Intesa Sanpaolo, Jefferies and Morgan Stanley are acting as joint global coordinators and joint bookrunners in the accelerated bookbuilding.
Source: Reuters.com