SWITZERLAND. Following Advent International’s sale of its remaining 3,879,609 shares in Dufry, the latter’s free float has increased to 88%.
In a statement issued tonight, Dufry said that the increased fluidity corresponds to a free float value of CHF3.1 billion (US$3.32 billion).
The free float value of a company is based on the proportion of shares that are held by investors who are likely to be willing to trade – in other words freely available to the public. The free float method excludes locked-in shares, which would be included in a full-market capitalisation method.
As reported, private equity firm Advent International raised CHF442 million (US$476.5 million) from the sale of its 13% stake holding. Global Retail Group, through which Advent owned the shares, divested the entire holding for CHF114 per share, a -4.3% discount to Tuesday’s closing share price.
Dufry’s share price originally fell on the news from Tuesday’s closing price of CHF119.10 to a low of CHF115.60. But it has bounced back strongly and closed tonight (Thursday) at CHF120.10, up +1.78%).
