Placement of 3.9 million shares worth over 110 million euros
Great demand from both domestic and foreign institutional investors
The IT specialist’s free float increases to nearly 66 per cent
Neckarsulm, 1 June 2011 – A long-standing principal shareholder in Bechtle AG, BWK GmbH Unternehmensbeteiligungs-gesellschaft, Stuttgart, has sold its stake of 18.7 per cent to institutional investors in Germany and Europe. 3,916,507 shares were placed through an accelerated book-building process at 29.00 euros per share.
Thus, Bechtle AG’s free float is expected to climb from 47 per cent to just under 66 per cent of the 21 million issued shares. The shares have been placed to institutional investors under the management of Deutsche Bank, Landesbank Baden-Württemberg (LBBW) and M.M. Warburg.
BWK has been a capital investment partner since 1997—before Bechtle’s initial public offering—and now holds no longer an interest in Bechtle. The Schick family, with shares amounting to some 34 per cent, remains the largest shareholder.
“The successful transaction shows us, that the business development of Bechtle AG, along with our current economic strength and strategic orientation, as well as the Vision 2020, have made a lasting positive impression on the capital markets. Thus, institutional investors confirm their confidence in Bechtle. Moreover, we understand the significant increase in free float as an opportunity, as better liquidity could benefit the marketability of the Bechtle share”, explains Dr. Thomas Olemotz, CEO of Bechtle AG.