Private equity groups Nordic Capital and Avista Capital Partners raised gross proceeds of 805 million pounds through the sale of British medical technology giant ConvaTec Group Plc (CTEC.L).
The investors sold an aggregate of 250 million shares at 322 pence per share, after the size of the placing was increased due to strong investor demand. Following the placing, Nordic Capital will own approximately 143 million ConvaTec shares, or an about 7.34% stake, and Avista will own approximately 58 million shares, or an about 2.98% stake.
ConvaTec is a global medical products and technologies company focused on therapies for the management of chronic conditions, with leading market positions in advanced wound care, ostomy care, continence and critical care, and infusion devices. ConvaTec’s products provide a range of clinical and economic benefits including infection prevention, protection of at-risk skin, improved patient outcomes and reduced total cost of care.