CVC continues Evonik sell-down with €700m placement

The partial exit brings CVC's stake to 9.3% and follow's a 23% increase in the company's share price. The sale follows the sell-off of a 3.9% share block in March at €29.15 per share.

Placement of CVC's shares was organised by Bank of America and JP Morgan.

With the sale, CVC moves closer to a complete exit of Evonik, in which it acquired a 25.01% stake for €2.4bn seven years ago. The deal valued the company at around €9.6bn and was financed with a 50/50 mix of equity and debt.

At the time of writing, shares were trading at €32.77.

Previous funding
CVC acquired a 25.01% stake in Evonik for €2.4bn in June 2008.

In April 2011, Evonik sold its Carbon Black division to US GP Rhone Capital for an estimated €900m.

Ahead of the company's listing in 2013, CVC sold a 6.1% share block to institutional investors.

Evonik was dual-listed on the Frankfurt and Luxembourg exchanges in April 2013.

Company
Evonik had an adjusted EBITDA of €1.867bn in 2014 from revenues of €12.91bn. Its market cap is around €14bn.

The Essen-headquartered chemicals, energy and property business employs approximately 33,000 people in 100 countries, with 20,000 jobs based in Germany.

People
Klaus Engel is the CEO of Evonik.

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