LHC3 and BNP Paribas, the two main shareholders of Spanish fintech Allfunds, have decided to divest 12 percent of their position in the company, according to the terms of the offer published in the financial information terminal Bloomberg.
LHC3 is the largest shareholder of Allfunds, owning 39 percent of its share capital, equivalent to some 245.5 million shares. French bank BNP Paribas holds 86.9 million shares, 13.81 percent of the total.
In accordance with the offer, both parties have decided to dispose of 40 million shares in total, although they have not specified how many shares each will dispose of. At the price at which Allfunds shares closed on Monday, a package of 40 million shares is equivalent to EUR 318.4 million.
BNP Paribas, Citigroup, Jefferies and Morgan Stanley are participating in the transaction as coordinators and underwriters. The placement process started on Tuesday and may be completed soon.
A month ago, the Swiss bank Credit Suisse informed that it had decided to divest its stake in the Spanish company, equivalent to 8.6 percent of its capital, for a total of 334 million euros.
