STJ advised a consortium of investment funds on their €335 million sell-down of shares in Ayvens
“STJ were critical in getting this done. Your heavy lifting took the burden away from us” - Joint Bookrunner
2025
STJ advised a consortium of investment funds affiliated with TDR Capital, ATP, ADIA, GIC and PGGM Limited on their €335 million sell-down of shares in Ayvens on 18th June 2025. This represented the second sell-down by the consortium, following a first €450m sell-down one month ago (on 13th May 2025) and a continuation of a long-term shareholder relationship.
The transaction was placed at a 0% discount to close (€8.665), against a backdrop of significant geopolitical and market uncertainty.
The €335m placement was structured to satisfy a large reverse order from the anchor investor in the previous sell-down and required a waiver of the original 90-day lock-up provided c. 1 month earlier by the four joint bookrunners. The stock had performed very well since the first sell-down and reflected a 37 cents interim dividend payment.
Timing of the sell-down required the anchor demand to be held for a significant period against an extremely volatile market (war in the Middle East), while the relevant sell-down authorities were received from the consortium.
STJ recommended a “tap placement” structuring to satisfy the reverse anchor enquiry, launching a limited offer to the market, and only allocating select fundamental long-only investors.
This prioritised and promoted an extremely positive aftermarket (c. 3% up in the morning session) – particularly important in the context of the consortium’s retained c. 18% shareholding.
