BFF Luxembourg S.à r.l. is selling a roughly 10.1% stake in Banca Farmafactoring SpA through an accelerated bookbuilding process.
The company originally intended to sell 15 million ordinary shares, or roughly 8.8% of Banca Farmafactoring's issued share capital, but raised the size of the offering to 17,250,000 ordinary shares due to high demand.
The shares are being sold at €5.75 per share for gross proceeds of roughly €99.2 million. Settlement is expected Feb. 23. Following the transaction, BFF Lux will remain the main shareholder of Banca Farmafactoring with a 45.7% stake and will not sell any of its remaining stake in Banca Farmafactoring for 90 days from the closing of the placement.
The transaction increases the free float of Banca Farmafactoring's shares, according a Feb. 21 press release.
Deutsche Bank AG - London Branch, Mediobanca – Banca di Credito Finanziario S.p.A. and Morgan Stanley & Co. International plc acted as joint book runners on the deal. Rothschild and Linklaters respectively acted as financial and legal advisers to BFF Lux.