STJ advised a consortium of investment funds on their €335 million sell-down of shares in Ayvens
"I would like to thank STJ on the great work done for us on the Seine sell downs. The result has been beyond our expectations, and this has in no small part been down to STJ’s efforts. From my perspective it has helped consolidate STJ’s place as one of our trusted advisers and we look forward to doing more work together in the future." - Lead Consortium Member (selling shareholder)
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.
