The Blackstone Group has sold its remaining 25 percent stake in German glass maker Gerresheimer for €241.8 million ($385.9 million).
The firm has sold 7.8 million shares to various institutional investors, following the company’s initial public offering in June 2007, at €31 per share, according to a Blackstone spokeswoman.
The company was trading at €33.78 per share at press time, slightly above yesterday’s closing price, having initially dropped down to the sale price of around €31 per share at the start of trading.
The Gerresheimer IPO raised €1 billion last year when the company floated at €40 per share.
Blackstone acquired Gerresheimer in 2005 from JPMorgan Partners, the captive arm of the US bank, and Investcorp, the Bahrain investment firm, for an undisclosed sum.