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LONDON - NatWest Group plc announced Monday its intention to sell its complete shareholding in Permanent TSB Group Holdings PLC (PTSB), representing approximately 11.7% of the Irish bank’s issued ordinary capital.
The disposal will involve 63,614,171 ordinary shares being placed with institutional investors through an accelerated bookbuilding process that opened immediately following the announcement, according to a company press release.
The shares are held through NatWest’s wholly owned subsidiary RBS (LON:NWG) AA Holdings (UK) Limited. Following completion of the transaction, NatWest is expected to exit its interest in PTSB entirely.
Under terms of the existing Shareholder Co-operation Agreement between PTSB, NatWest, and the Minister for Finance of Ireland, the Minister has committed not to sell any PTSB shares for 90 calendar days after the placing completes. The Minister will not participate in the current share sale.
Goldman Sachs International and J.P. Morgan Securities plc (operating as J.P. Morgan Cazenove) are serving as joint bookrunners for the transaction.
The final placing price and exact number of shares sold will be announced at a later date, the company said.
The sale represents NatWest’s complete divestment from the Irish banking institution, marking a significant ownership change for PTSB. The transaction is being conducted as a private placement to institutional investors rather than as a public offering.
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