TA Associates sells stake in Jupiter Fund Management

Reuters - UK Focus

By Chris Vellacott

LONDON, March 5 (Reuters) - British investment group JupiterFund Management's second-biggest shareholder, private equityfirm TA Associates, has sold its entire 11 percent stake for197.2 million pounds ($328.79 million).

The 48.6 million shares sold for 406 pence each in abookbuild run by JP Morgan (Other OTC: JPYYL - news) , according to a market filing onWednesday morning.

Jupiter shares had closed prior to the sale's launch at428.7 pence.

The deal closes a chapter in Jupiter's history, with theexit of a shareholder that first bought in during 2007 to back amanagement buyout from former owner Commerzbank (Xetra: CBK100 - news) .

After Jupiter's stock market listing in 2010, the privateequity group held 22.3 percent of the shares but has sincegradually reduced its holding through a series of placingsstarting with a 3.3 percent sale, in May 2011.

TA Associates completed two sales last year, taking itsholding from around 19 percent to 11 percent.

A source close to the deal said the offer, which launchedafter the market close at 1630 GMT on Tuesday, was fully coveredwithin an hour and closed at around 2000 GMT, priced at the topend of a 400-406 pence range.

The bulk of the shares were sold to British institutions,the source said, and while existing shareholders used the saleto add to their stakes, a significant number of new investorsemerged.

Jupiter is undergoing a change of management, with formerBlackRock (NYSE: BLK - news) executive Martin Slendebroek due to replace EdwardBonham Carter as chief executive in March.

Jupiter declined to comment on the transaction.

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