Ship Global 2 & Cy SCA, also known as Ship Global 2, anentity jointly owned by funds managed by Advent International Corp. and Bain Capital sold anaggregate of 275 million shares in U.K. payments processing firm WorldpayGroup, according to an April 7 statement from Bank of America Merrill Lynch,one of the joint book runners.
The shares, representing about 13.8% stake in Worldpay, weresold for 269 pence each, resulting in aggregate gross sale proceeds of about £740million. Following the transaction's completion, Ship Global 2 will hold564,481,879 shares in Worldpay, equivalent to about 28.2% of its share capital.
The closing of the placement is due to take place on April11, subject to certain conditions.
Ship Global 2 initially planned the sale of about 250million shares in Worldpay, representing a stake of about 12.5%, according toan April 6 press release by Bank of America Merrill Lynch.
The shares were offered via an accelerated bookbuildingprocess, with Barclays Bank, Goldman Sachs International, Bank of AmericaMerrill Lynch International, and Morgan Stanley serving as joint book runners.Lazard & Co acted as the financial adviser to Ship Global 2 for thetransaction.
The book runners decided to waive a 180-day lock-up periodentered into by Ship Global 2 at the time of the Worldpay IPO with respect tothe shares offered for sale.
Any Worldpay shares held by Ship Global 2 not sold in theplacement will be subject to a 90-day lock-up.
Worldpay will not receive any proceeds from the transaction.