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French private equity firm Eurazeo announced that sale of 28.1 million shares of global electrical distributors Rexel. The sale by holding company Ray Investment represents about a 10 percent stake in Rexel and is valued at €500 million (US$653.3 million) under an accelerated investment with institutional investors.
As a result of the sale, Eurazeo's stake in Rexel would fall from 12.7 percent to 10.9 percent.
This is the third sale of Rexel shares conducted by Ray Investment since 2012.
Ray Investments' shareholders include Eurazeo, Clayton Dubilier & Rice, Bank of America Merrill Lynch and the Caisse des Dépôts et Consignations Quebec.