Reuters - Caisse-Backed Ray Investment Cuts Stake in France's Rexel
Ray Investment, a partnership controlled by U.S. private equity firm Clayton, Dubilier & Rice, Eurazeo, Bank of America Merrill Lynch and pension fund manager the Caisse de dépôt et placement du Québec, has sold a further 10 percent stake in Paris-based Rexell Group, reports Reuters. The transaction was valued at 525.6 million euros (US$700 million). Ray has this year been steadily reducing its stake in the French electrical equipment supplier, writes Reuters. It disposed of a 14.7 percent chunk in February and shed a further 10 percent in June. Ray acquired a majority position in Rexell in 2005.
8 August 2013•1 min read
