UPDATE 1-Galderma investors sell $6.3 billion of stock in biggest deal of its kind
Carlyle Group Inc CG | 0.00 |
Recasts as bulletin and headline
March 11 (Reuters) - A group of shareholders in Swiss pharmaceuticals firm Galderma GALD.S has sold $6.28 billion of its stock in the biggest ever private equity-backed block trade.
Swedish private equity investor EQT, the Abu Dhabi Investment Authority (ADIA) and Auba Investment, which listed the skincare and dermatology company in 2024, sold their remaining 14.3% stake on Tuesday in an accelerated bookbuild, according to a statement from EQT.
It marks the consortium's full exit from its stake in Galderma around two years after the company listed on the Swiss SIX exchange.
The deal priced Galderma's shares at 143.75 Swiss francs per share, a 7% discount to their closing price, according to a bookrunner on the deal.
Galderma bought back 1.6 million shares for a value of 232 million Swiss francs in the deal, according to a statement from the company.
The consortium's sale of stock is the biggest ever private equity-backed deal of its kind, topping the $3.5 billion sale of shares in U.S. listed Medline last week by a consortium that included the ADIA and the Carlyle Group, according to figures from Dealogic, shared by EQT.
Equity investors accelerated dealmaking last week as markets were roiled by the war in Iran. Around $20 billion worth of equity deals were struck globally in the three days of trading from Friday February 27 to Tuesday March 4, according to LSEG data, making up nearly 16% of the roughly $130 billion of deals launched so far this year.
The pace of dealmaking over that period was nearly triple the average daily amount over the prior two months.
