By Dominic Chopping
STOCKHOLM--Swedish investment firm Industrivarden AB said late Monday it has received 2.02 billion Swedish kronor ($242.7 million) from selling its entire holding of 44.3 million Class A shares in steelmaker SSAB AB at SEK45.53 a share.
The divested shares represent 4.3% of the capital and 11.8% of the votes in SSAB, and the sale was by means of an accelerated book-building process to institutional investors, the company said.
"Industrivarden has been a long-term and committed owner with a significant shareholding in SSAB since 1994," Chief Executive Helena Stjernholm said.
"In April 2018, we divested just over half of our investment in SSAB and now the remaining holding has been sold. In this way, we release capital for alternative investments," she said.
Morgan Stanley has acted as sole bookrunner and Carnegie as co-bookrunner in connection with the transaction.
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