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French private equity firm Eurazeo has successfully completed the sale of the remaining 20.9 million shares of global electrical distributor Rexel.
The sale by holding company Ray Investment represents a 7.1 percent stake in Rexel and is valued at €320 million (US$411.7 million) under an accelerated investment to institutional investors.
This transaction marks the final step of Eurazeo’s gradual divestment from Rexel’s capital, which was initiated in 2012. Pursuant to the transaction, Ray Investment s.à.r.l will no longer hold shares in Rexel.
“Eurazeo has fulfilled its role as professional long term shareholder, supporting Rexel’s in executing its dynamic external growth strategy, notably in 2008 with the acquisition of Hagemeyer,” Patrick Sayer, chairman of the executive board of Eurazeo said. During the past decade, Rexel has reported remarkable financial performance with revenues and EBITDA doubling.”