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Largest shareholder reduces stake in Lululemon

Advent International Corp. said in an amended ownership filing dated June 11 that the private equity firm reduced its interest in Lululemon Athletica Inc. to 8.24% from 14.82%.

The Boston-based company and its funds sold an aggregate of 10,000,000 Lululemon common stocks it held for $121 per share.

The athletic apparel retailer agreed to buy back 3.3 million of its common shares that Advent put on sale in a private transaction.

The firm sold the remaining 6.7 million of the Lululemon common stocks it offered for sale to an unidentified broker/dealer.

As a result of the trimmed stake, Advent now holds 10,105,279 shares in Lululemon, becoming the Canadian company's second-largest institutional shareholder after investment manager FMR LLC.