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TA Associates puts final 10.6% Jupiter stake on sale

by Dylan Lobo on Mar 05, 2014 at 11:12

TA Associates puts final 10.6% Jupiter stake on sale

TA Associates has sold its final 10.6% stake in Jupiter Fund Management.

The private equity firm supported Jupiter's management buyout in 2007, buying a tranche of ordinary shares at 2p. It increased its holding to a high of 22.3% on the firm's float in 2010, priced at 165p per share.  

TA started winding down its holding in May 2011 when it trimmed its stake from 22.3% to 19.03%. A series of transactions over the following months reduced its stake to 10.6%.  

The sale of the outstanding 48.6 million shares, done through a placing with JP Morgan, was at 406p per share, netting TA Associates £197.2 million.

Earlier in the week it emerged Jupiter chief executive Edward Bonham Carter (pictured), who is being replaced by Maarten Slendebroek on 17 March, had sold a £4.4 million stake in the firm. The move reduced his total holding to a little more than 12 million shares, accounting for a 2.62% interest.

News of the TA disposal comes after last week's full-year numbers from Jupiter showed profit increased by 55%.

At the 10.30am, shares in Jupiter had lost 4.2% to stand at 410.8p versus a 52-week high of 447.6p.

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