MILAN (Reuters) -Italy's aerospace and defence group Leonardo said on Tuesday it was selling a 9.4% stake in rocket maker Avio through an accelerated bookbuilding to institutional investors. Leonardo
Leonardo Divests 9.4% Stake in Avio to Fund Capital Increase
Leonardo's Strategic Move in Avio
MILAN (Reuters) -Italy's aerospace and defence group Leonardo said on Tuesday it was selling a 9.4% stake in rocket maker Avio through an accelerated bookbuilding to institutional investors.
Details of the Stake Sale
Leonardo, which will maintain a 19% holding, said it would use the proceeds from the sale of about 2.6 million Avio shares to subscribe to the rocket maker's planned capital increase.
Capital Increase Plans
Avio's shareholders, including Leonardo, approved a 400-million-euro capital hike plan last week to finance expanded manufacturing capacity at a time of robust opportunities in the global space and defence industries.
Role of Financial Institutions
Intesa Sanpaolo, Jefferies and Morgan Stanley are acting as joint global coordinators and joint bookrunners in the accelerated bookbuilding.
($1 = 0.8575 euros)
(Reporting by Gianluca Semeraro, editing by Gavin Jones)
