The FINANCIAL -- The BNP Paribas Group announces on May 7 that it has sold 22 million Klépierre shares by way of an accelerated private placement to institutional investors at a price of 39.60 euros per share, representing an amount of approximately 870 million euros, corresponding to 7% of the company's share capital.
As announced during the launch of the transaction, Simon Property Group, which held 18.3% of Klépierre’s share capital before this transaction, has acquired an additional 2% of the share capital of the company at the bookbuilding price, in the above-mentioned placement, according to BNP Paribas.
This transaction is part of BNP Paribas' active management of its equity investment portfolio. The sale will have a positive impact of 5 bp on the Group's CET1 ratio (assuming a pay-out ratio of 45%).
Following this placement, BNP Paribas remains, with a stake of approximately 6.5%, a significant shareholder of Klépierre whose free-float has been increased. This transaction does not result in any change in BNP Paribas' representation in Klépierre's governance, nor in the agreements concluded, on 29 July 2014, by the Group with Simon Property Group and APG(1), following the announcement of the tie-up between Klépierre and Corio.
Moreover, BNP Paribas has committed to a 90-day lock-up period on its residual stake as from the settlement of the transaction.
This private placement has been lead-managed by BNP Paribas acting as Sole Global Coordinator and Bookrunner.