CTS majority shareholder cuts stake
Klaus-Peter Schulenberg’s KPS Stiftung, the majority shareholder in CTS Eventim, has reduced its stake by 7%, the company announced today.
KPS Stiftung, which before the sale held 50.2% of the German ticketing giant, has offloaded 6,720,000 shares as part of an “accelerated bookbuild”, a type of rapid share offering often used by companies in immediate need of financing, usually for an acquisition.
According to Reuters, which earlier predicted the sale of an up to 5% stake, the price guidance for the share placing was €36, which would have earnt KPS around €173 million. (The sale of 6,720,000 shares, or 7%, would by the same arithmetic net around €242m.)
Reuters further notes the foundation “does not intend to further dilute its position as a main shareholder of the company [CTS]”.
Schulenberg (pictured) said last month Eventim would “rigorously pursue its international growth strategy” in 2017, including by targeting new acquisition opportunities. It launched successful new ventures in Latin America and Scandinavia in 2016, and has this year acquired promoter Four Artists and launched a new concerts business, Vaddi Concerts.
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