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COPENHAGEN - Novo Holdings A/S announced Monday its intention to sell approximately 155 million ordinary shares in Convatec Group plc, representing about 7.8% of the medical products company's issued share capital.
The Danish investment company will conduct the sale through a placing of shares to eligible institutional investors via an accelerated bookbuilding process that commenced immediately following the announcement, according to a press release statement.
The offer price will be determined through the bookbuilding process, which may close at any time on short notice. Results of the offering will be announced after the process concludes.
Novo Holdings has already economically monetized all other previously held ordinary shares in Convatec through derivative transactions with hedge counterparties over time. These derivatives will be settled simultaneously with the offering, after which Novo Holdings will have no remaining position in Convatec.
Convatec is not selling any shares in this transaction and will not receive any proceeds from the offering.
Goldman Sachs International and Morgan Stanley & Co. International Plc are serving as joint global coordinators for the transaction.
The announcement represents Novo Holdings' complete exit from its investment in the medical products and technologies company, which specializes in wound care, ostomy care, continence and critical care, and infusion care products.
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