Avallux SARL, controlled by the Permira funds, sold its 166,057,001 ordinary shares in Just Group PLC at a price of 143 pence per share, yielding gross proceeds of under £237.5 million.

The shares, which represent Permira's entire 17.70% stake in Just Group, were placed through an accelerated bookbuild. Closing of the placing is expected to occur on a T+2 settlement basis May 22.

Permira last sold a 5.3% stake in Just Group in January.

Barclays Bank PLC and Numis Securities Ltd. acted as joint book runners in the transaction.