Goldman Sachs placed Apax’s entire 20.97% stake – or 3,135,284 shares – in Spanish low-cost carrier Vueling on Wednesday, according to a statement made to the stock exchange.
What could its motive be?
Iberia of course. Analysts have been anticipating this move as a way of funding a bid for Iberia, AFX reports [via Forbes].
Vueling CEO Carlos Muñoz had suggested last month that Apax’s interest in Iberia could speed up its departure from Vueling’s own shareholder register, Expansion reports. The newspaper also says that following Vueling’s suspension on Wednesday the share price fell 8% to to €31.11 from its Tuesday close of €33.82.
Meanwhile, reports suggest TPG – in cahoots with British Airways – could raise its own €3.60 indicative price for the Spanish flag carrier to at least €3.80 per share. Iberia shares on Wednesday were trading at €3.82.
A little way to go till takeoff.