Blackstone to sell 49 percent of NCR stake

NCR Corp said March 13 that it has agreed to let Blackstone sell 49 percent of its holding, or about 14.4 million shares, as part of an early release of its lock-up period for its perpetual convertible preferred shares which is set to expire in early June. Blackstone will convert 90,000 of its convertible preferred shares into about 3 million shares of common stock, and NCR will buy those shares back. Blackstone said that after the deal it would continue to own its original investment amount at over $720 million. In November 2015, Blackstone invested $820 million in NCR for a 17 percent stake, according to press reports.

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