Virgin Money investor WL Ross sells stake for £171.5m
American billionaire Wilbur Ross has offloaded his remaining stake in lender Virgin Money for £171.5 million.
It was almost double the shares his private equity firm WL Ross & Co had previously planned to sell.
The investment group said: “Following strong demand, WL Ross decided to upsize the transaction. On completion of the placing, WL Ross will not hold any shares in Virgin Money.”
The firm said it increased its sale from 27 million shares to 53.6 million shares, which it sold at 320p each.
The sale comes after Virgin Money shares have risen nearly 65 per cent since being battered in the immediate fallout of the Brexit vote, but are still trading lower than their pre-referendum high of 366p. Virgin Money, backed by Sir Richard Branson, was valued at £1.25 billion when it floated on the London market in 2014.
Bank of America Merrill Lynch and Goldman Sachs International were joint bookrunners in the WL Ross placing.