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Majority owner of Germany's CTS to cut stake via placement
April 25, 2017 / 6:01 PM / 5 months ago

Majority owner of Germany's CTS to cut stake via placement

BERLIN (Reuters) - German ticketing company CTS Eventim said the foundation of founder and CEO Klaus-Peter Schulenberg, KPS Stiftung, plans to sell up to a 5 percent stake via an accelerated bookbuild.

A source familiar with the matter said on Tuesday the price guidance for the share placing was 36 euros, which would mean KPS receives proceeds of almost 173 million euros ($189 million) for the placement of up to 4.8 million shares.

KPS Stiftung, which currently owns 50.2 percent of CTS, informed CTS Eventim that it does not intend to further dilute its position as a main shareholder of the company.

It said it wanted to increase the trading volume of CTS shares and use the proceeds to fund investments and operations of its investment vehicle.

CTS shares fell 4.4 percent in late Frankfurt trading after the announcement (EVDG.F). The shares had closed at 37.24 euros.

Reporting by Victoria Bryan and Alexander Huebner; Editing by Kathrin Jones and Alexander Smith

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