CTS majority shareholder cuts stake
CEO Klaus-Peter Schulenberg has reduced his stake in CTS Eventim by 7%, potentially freeing up €242m that could be put towards new ventures
News By | 26 April 2017
Klaus-Peter Schulenberg’s KPS Stiftung, the majority shareholder in CTS Eventim, has reduced its stake by 7%, the company announced today.
KPS Stiftung, which before the sale held 50.2% of the German ticketing giant, has offloaded 6,720,000 shares as part of an “accelerated bookbuild”, a type of rapid share offering often used by companies in immediate need of financing, usually for an acquisition.
According to Reuters, which earlier predicted the sale of an up to 5% stake, the price guidance for the share placing was €36, which would have earnt KPS around €173 million. (The sale of 6,720,000 shares, or 7%, would by the same arithmetic net around €242m.)
Reuters further notes the foundation “does not intend to further dilute its position as a main shareholder of the company [CTS]”.
Schulenberg (pictured) said…
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