Criteria Caixa SAU said Dec. 13 that it sold 100 million shares in CaixaBank SA, representing a stake of approximately 1.7% in the Spanish lender, for €315 million following an accelerated bookbuild.

The holding company intends to reduce its stake in CaixaBank to no more than 40% by the end of 2017, with the aim of deconsolidating the Spanish lender from the group for prudential purposes.

J.P. Morgan Securities Plc and Morgan Stanley & Co. International Plc served as the transaction's managers.